Morgan Stanley's No. 2 Colm Kelleher will retire and won't be immediately replaced
Colm Kelleher, Morgan Stanley’s No. 2 executive, is retiring, opening a seat whose filling will signal the Wall Street firm’s likely heir apparent.
Mr. Kelleher, who joined Morgan Stanley in 1989, is older than Chief Executive James Gorman and wasn’t seen as a likely candidate to succeed him. But as the firm’s chief operating officer and president, he has overseen the day-to-day of its dramatic restructuring over the past decade from a error-prone trading shop to a stabler financial-services giant.
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