Can Morgan Stanley catch Goldman Sachs?

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The James Gorman era has begun. The once and future king of Morgan Stanley (MS), with John Mack hovering as chairman for two years, announced a series of executive changes with an eye on catching up to Goldman Sachs (GS) in institutional trading.

Colm Kelleher, now chief financial officer, will become co-president of the bank’s flagship institutional securities arm. Paul Taubman, global head of investment banking, will become the other co-president. Mitch Petrick will step down as the sole head of institutional sales and trading at the end of 2009.

The Financial Times notes that Gorman is bent on catching up to Goldman Sachs, which has surged the void of trading competition to massive profits this year. Morgan Stanley seemed to take a step back, while Goldman Sachs charged ahead in the wake of the financial crunch. But now Gorman and his top execs are staffing. Earlier, it said it will hire 400 people for sales and trading. 

For more:
- here’s the article

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