Morgan Stanley Reorganizes in New Jersey
(Updates with recast headline and comment from Morgan Stanley spokeswoman.)
After eliminating its two national sales divisions in an executive shake-up last week, Morgan Stanley Wealth Management is moving downstream and consolidating some of its branch complex management structure.
The latest example is occurring west of the Hudson River in suburban New York City.
Morgan Stanley told brokers this week that it is merging its Paramus, New Jersey, complex (which also includes a branch in Pearl River, New York) into its Short Hills, NJ, complex managed by John Campbell.
Richard Less, who managed four branches as Paramus complex manager, will take a new role that has not yet been announced, according to two sources at the branches.
Morgan Stanley’s total number of 74 complexes will remain unchanged because some New Jersey branches will be split off into a new complex whose manager has not yet been named, said a person familiar with the new organizational structure.
“It’s simply realigning our existing complexes to create a stronger geographic alignment…and to help support our FAs and clients,” a Morgan Stanley spokeswoman said.
A spokesman for the company said at the time that it had no specific targets for complex reductions.
Campbell declined to comment when asked about his new responsibilities in the New Jersey region and Less did not respond to a call for comment. The changes in the region follow the departure last month of Jeffrey Crystal, who was permitted to resign as branch manager of the Paramus South branch in Less’ complex.
On Friday, Morgan Stanley eliminated the job functions of divisional heads Bill McMahon and Rick Skae, reassigning them to roles as vice chairmen of the wealth management division while elevating private wealth head Vince Lumia to head of the unit’s “field” force of some 15,800 brokers. He reports to wealth management coheads Shelley O’Connor and Andy Saperstein.
In January, in another move related to Morgan Stanley Chief Executive James Gorman’s ongoing cost-cutting campaign, the company consolidated its wealth management sales structure to six regions from eight.
Campbell, who has been a registered rep for more than 30 years, joined Dean Witter Reynolds in 1989, 11 years before Morgan Stanley purchased that company. Less also has been with with Morgan Stanley since 1989, according to his BrokerCheck report.