Morgan Stanley reshuffles senior team Morgan Stanley reshuffled its senior management team, announcing the departure of Paul Taubman, co-head of the securities division, and ending a fraught partnership at the investment bank. Colm Kelleher, the other co-head and a previous chief financial officer, will become sole president in January. The two men had a sometimes fractious relationship, according to people at the bank, though Morgan Stanley gave no reason for Mr Taubman's departure. "Paul is an outstanding banker and business leader who has made exceptional contributions both to Morgan Stanley and to our investment banking franchise during his highly distinguished 30-year career here," said James Gorman, chief executive, in a statement. Mr Gorman said recently that "we are unambiguously business not as usual" as he reshapes the company to deal with a new regulatory environment. Riskier trading within the bank's securities division is being eliminated as he attempts to focus on more reliable revenue streams. After UBS took the axe to its fixed income division last week there is speculation on Wall Street that Morgan Stanley will eventually follow the Swiss bank in a more drastic reduction of its bond trading unit. "We are intensely focused on improving returns for our shareholders," said Mr Gorman. I am confident that under Colm's leadership, we will continue to align sales and trading more closely with investment banking and capital markets to drive synergies between these businesses and optimise our ability to grow our revenue base and drive profits.