Morgan Stanley’s Ted Pick was promoted to head the division that houses all of its investment bankers and traders, bolstering his position as a possible successor to Chief Executive Officer James Gorman.
Pick, 49, led Morgan Stanley’s equity-trading business to a No. 1 ranking for the past four years and has been leading a fixed-income turnaround since 2015. The new role, announced Tuesday in an internal memo, adds oversight of the firm’s dealmakers to his responsibilities. Franck Petitgas, 57 and also considered a CEO candidate, was appointed head of the bank’s international operations as part of the shuffle.