There's been a big shakeup at Morgan Stanley — and it shows the bank is getting more serious about technology (MS)

pulse

May 1, 2018 5:37 PM

The bank has named Robert Rooney as its sole head of technology, according to a memo reviewed by Business Insider.

In a memo to employees, Morgan Stanley chief executive James Gorman announced a big executive shakeup.
The bank has named Rob Rooney to oversee the US bank's technology efforts, according to a memo reviewed by Business Insider.
Clare Woodman will take on Rooney's role as head of Europe, Middle East, Africa.

There's been a big executive shakeup at US investment bank Morgan Stanley.

Rob Rooney will take on a role overseeing the bank's technology efforts, according to a memo reviewed by Business Insider. Rooney previously oversaw technology and served as the firm's head of Europe, Middle East, Africa. He will move to New York in his new seat.

Clare Woodman, formerly the global chief operating officer for the bank's institutional securities group, is set to replace Rooney's role in EMEA.

Here's the memo:

Given the rapid pace of technological change and the ever increasing importance of technology in both furthering our business leadership and protecting our Firm and our clients, I am grateful that Rob has agreed to make Technology his sole focus. Over the last two years, Rob has overseen Technology while also serving as Head of EMEA, two critical roles. During his time heading our EMEA business, he has helped the Firm navigate the complex Brexit process, and we thank him for that.

Rooney's sole focus on tech signals the bank is making it a bigger focus, a person familiar with the matter told Business Insider. Rooney will be focusing on "artificial intelligence, automation, cybersecurity and digital," the memo said.

Rooney will report to Gorman, the memo said.

Notably, the New York bank had a killer first quarter. The bank reported adjusted earnings of $1.45 a share, a 45% increase from last year and well ahead of analyst expectations of $1.28 a share.

Particularly striking was the bank's results in fixed-income, a business unit in trading it once left for dead. The bank posted its best results in the unit in three years. In 2015, it took an axe to fixed-income, cutting 25% of its workforce, replacing its leadership, and slashing bonuses.

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