Morgan Stanley has promoted one of the two co-heads of its wealth management business to lead the company’s banking entities, according to news reports.

Shelley O’Connor will become chief executive and chairman of Morgan Stanley Bank NA and Morgan Stanley Private Bank NA, which offer deposit accounts, lending and other banking products, according to an internal memo signed by chief executive James Gorman seen by Reuters.

Andy Saperstein, who along with O’Connor had been overseeing the wealth management business, will become the sole head of the unit, the newswire writes, citing the memo.

O’Connor had been with Morgan Stanley since the start of her career and started overseeing the wealth management division in 2014, according to the Wall Street Journal, which first reported the appointment.

O’Connor is the only female executive heading a major division at Morgan Stanley, the paper writes.

Her move to banking, meanwhile, suggests Morgan Stanley is serious about bolstering that side of its business, in part by peddling banking products to its brokerage customers, the Journal writes.


The company estimates that its clients, who have $2.5 trillion with Morgan Stanley, have another $2 trillion with outside banks, according to the paper.

“Given the criticality of the banks to the future growth of our business, I have asked Shelley to dedicate her full-time efforts to leading them,” Gorman says in the memo cited by the Journal.