A change atop Morgan Stanley’s giant retail brokerage holds clues for the race to succeed Chief Executive James Gorman and shows the firm leaning into the type of plain-vanilla banking activities it once avoided. Shelley O’Connor, who co-heads the firm’s wealth-management division, will give up that role and become chief executive of its two regulated bank entities, where it is pushing mortgages, deposit accounts and other Main Street products, Mr. Gorman said in a memo to staff Tuesday that was reviewed by The Wall Street...

Source: Wall Street Journal April 23, 2019 20:59 UTC