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• Leadership reshuffle comes at a time when dealmaking has faced near-term slowdown amid fears of recession
Morgan Stanley (NYSE: MS) has named Eli Gross and Simon Smith as the new global co-heads of investment banking, Reuters reported on Monday, citing an internal memo seen by the news outlet.
As part of a leadership shakeup, the current investment banking heads, Mark Eichorn and Susie Huang, have been promoted to executive chairs of the division to lead a newly formed group of senior bankers, the report said.
A spokesperson at Morgan Stanley confirmed the news to Reuters.
In their new roles, Einhorn and Huang will deepen the Wall Street financial giant's dealmaking efforts across industry groups and geographies, the memo said.
While Smith led Morgan Stanley's European investment banking franchise for the past seven years, Gross headed investment banking for transportation, freightech, logistics and infrastructure.
The new investment banking heads will continue to partner closely with Mo Assomull, who will continue to run global capital markets, Reuters reported.
Morgan Stanley has advised on several high-profile deals this year, including Broadcom's $69 billion acquisition of VMWare and Elon Musk's $44 billion deal to takeover Twitter.
The leadership reshuffle comes at a time when dealmaking is faced with a near-term slowdown amid fears of a recession.
Picture Credit: FT
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