Morgan Stanley Melds E*Trade Execs into Broader Wealth Leadership
Eight months after closing its $13 billion acquisition of E*Trade Financial, Morgan Stanley is elevating many of the discount broker’s executives into the senior ranks of the bank’s wealth management business, according to an internal memo on Wednesday.
“By joining forces with E*TRADE, we’ve established a dominant position in the Advisor, Workplace and Direct channels and we’re poised to continue leading and reshaping our industry,” wrote Saperstein, who was promoted to the co-president role as part of a shake-up last month. “As we move forward as one unified team, it’s critical that we continue to learn from each other and leverage the full set of skills and experiences across the organization.”
As part of the moves, Chad Turner, who had been chief financial officer at E*Trade, will lead Morgan Stanley’s ‘Digital Direct’ business and report directly to Saperstein.
Mike Murphy, who was head of E*Trade Brokerage Service, will be head of Digital Direct Client Service. Chris Larkin, head of trading, and Erik Jepson, head of digital client experience and platforms at Morgan Stanley, are retaining their roles and will report to Turner. Shane Mulron, who had been head of institutional product and risk management at E*Trade, is taking on the role of head of business control and support at Morgan Stanley, and also reporting to Turner.
Andrea Zaretsky, E*Trade’s former chief marketing officer, will be the chief marketing officer for all of Morgan Stanley’s wealth division. Zaretsky will report to Saperstein with a dotted line to Alice Milligan, E*Trade’s former chief customer officer, who was promoted earlier to be Morgan Stanley’s chief marketing officer.
Mike Curcio, who had been head of E*Trade self-directed brokerage, is moving into a newly created role as head of strategic transformation and will report to Saperstein.
“Mike will drive the long-term strategic development of the integrated businesses to help realize the potential of the broader Morgan Stanley organization,” Saperstein wrote.
Brett Goodman, who had been head of strategy, communications and investor relations at E*Trade, will report to Curcio as they “develop the strategic transformation function,” according to the memo.
Saperstein said he would be providing “more color on our overall strategy” in a town hall meeting next week.
“I am extremely excited about what’s ahead for our organization,” Saperstein wrote. “We are positioned incredibly well and have the talent and resources to execute.”
The move comes as major brokerage firms continue to blur the lines between various service models.