The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

MS’s Kelleher ascends the throne as Taubman exits

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 the two men, who had very different personalities – Kelleher, sardonic, quick-witted, cutting and gregarious; Taubman reserved, angular, smart but bordering on condescending.


At Morgan Stanley, Colm Kelleher ascended the throne of king of the investment bank and fellow co-president Paul Taubman was carried out of the building (as it were!)

So why, after nearly three years of bickering (indeed some say open warfare) in the institutional securities business, did CEO James Gorman decide to elevate Kelleher and eliminate Taubman? A source said: "Colm is clearly the more likeable character. And maybe the Facebook disaster gave Gorman the chance he needed to initiate change."


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree