Just six weeks after Morgan Stanley tapped Shelley O'Connor to lead the firm's more than 16,000 financial advisers, the managing director sent a memo Tuesday streamlining upper management. The restructuring reduced the three geographic divisions in the United States to two and downsizing the number of regions reporting to the two remaining division heads to eight from 12. Take a look at the memo now:
The highlights include:
-Morgan Stanley will go from three divisions to two and from twelve regions to eight. The number of complexes and branches will remain the same.
-Bill McMahon and Rick Skae will continue in their roles as division directors.
-After 27 years with Morgan Stanley former division director Doug Kentfield is leaving the firm to "pursue other opportunities." Jeff Adams, John Campbell, Kevin Forman and Matthew Maloney will explore new leadership roles within Wealth Management.
-The new field structure becomes effective at the end of May.
For more on the changes, click here.