June 2 (Reuters) - Morgan Stanley has shuffled its wealth unit, eliminating a layer of management and promoting two key executives, according to a memo reviewed by Reuters on Friday.
The Wall Street bank named Vince Lumia, head of private wealth management, its new head of the field. Lumia will report to wealth co-heads, Andy Saperstein and Shelley O‘Connor.
Mandell Crawley, the bank’s chief marketing officer, will replace Lumia as head of private wealth management.
The firm eliminated its divisional level with the goal of flattening the organization, naming former divisional heads Bill McMahon and Rick Skae as vice chairmen of wealth management.
A bank spokesman confirmed the contents of the memo.
Morgan Stanley saw its revenue from wealth management rise 11 percent in the first quarter to $4.1 billion. The unit also posted a pretax margin of 24 percent, in line with a target set by Chief Executive James Gorman.
Reporting by Olivia Oran in New York