Jan 9 Morgan Stanley executive Debbie
Hart, who helped to grow the bank's physical commodities
businesses, has retired from the bank, a spokesman confirmed on
Hart, who spent 23 years at Morgan Stanley, most recently
served as the chief operating officer for the bank's North
American power and gas business.
She retired at the end of 2016, according to an internal
memo that was confirmed by bank spokesman Mark Lake.
Hart helped to grow Morgan Stanley's physical power and gas
businesses, including overseeing operations and risk. Over time,
she also helped in the construction, management and sale of the
bank's power plants.
Her retirement comes as Morgan Stanley, like other Wall
Street banks, has sought to move away from riskier parts of the
commodities business, like owning and storing oil.
Post-crisis regulations and a desire to take less risk have
molded the bank's commodities operations into more of a
traditional trading business.
In 2015, Morgan Stanley completed the sale of its physical
oil business to commodity trading firm Castleton Commodities
after the U.S. Federal Reserve pressured Wall Street banks to
get out of that type of business.
The transaction ended Morgan Stanley's three-decade history
as a major player in physical oil markets.
Morgan Stanley the same year also sold a compressed natural
gas business that came under regulatory scrutiny to Pentagon
In 2014, Morgan Stanley sold its controlling stake in oil
storage business TransMontaigne to NGL Energy Partners LP.
Morgan Stanley's exposure to physical commodities has
dropped to $179 million, down from $9.7 billion in 2011.
(Reporting by Olivia Oran in New York; Editing by Dan Grebler)