Shocking news today out of Morgan Stanley today, where president of Wealth Management Greg Fleming has announced that he is leaving the bank that almost everyone thought he was destined to run.
And when we say shocking, we mean it. Even Reuters can't make heads or tails:
Greg Fleming, Morgan Stanley's head of wealth management, is leaving the bank, according to a memo on Wednesday.
The reasons for Fleming's departure were unclear.
A Morgan Stanley representative could not be immediately reached for comment.
What could possess such a powerful executive, and assumptive James Gorman heir apparent, to just up and leave? Was his holiday break a real wake up call? Did he hit the Powerball?
If only there was some kind of clue!
Morgan Stanley has promoted its head of institutional securities, Colm Kelleher, to president.
Hmm, if only we could find something...ANYTHING to explain this.