MS’s Kelleher ascends the throne as Taubman exits

Abigail Hofman
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It was the month, rather than the night, of long knives in investment banking this November.

At Morgan Stanley, Colm Kelleher, co-president of the institutional securities business, ascended the throne of king of the investment bank and fellow co-president Paul Taubman was carried out of the building (as it were!). Since 2010, Kelleher and Taubman had performed an uneasy double act at the firm’s institutional securities unit, with Kelleher responsible for trading and sales and Taubman ruling the advisory roost. There was a fierce rivalry between...