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Morgan Stanley’s Kelleher Faces Profit Task Solo as Taubman Goes

Colm Kelleher, who will take over as sole head of Morgan Stanley’s investment bank as his counterpart and past rival Paul J. Taubman exits, now faces the challenge of improving returns at the firm’s biggest business.

Taubman will retire at the end of the year, the New York-based bank said yesterday in a statement. The move concludes an almost three-year dual-leadership role marked by enmity between Kelleher, 55, a gregarious former fixed-income salesman, and Taubman, 51, a reserved investment banker.