Gokul Laroia will become the sole Asia-Pacific chief executive officer of the bank after the departure of co-CEO Wei Sun Christiansen at the end of the year.
According to an internal memo seen by Businesshala, she recently informed the firm of her decision to retire, and remained as an advisory director providing insights about China to Morgan Stanley and its clients. Will stay
The memorandum said the bank’s other Asia-Pacific co-CEO Gokul Laroia has spent 26 years at the bank and will become the sole CEO of the region, which includes Australia but excludes Japan. A Morgan Stanley spokesperson confirmed the contents of the memo.
Mr. Laroia, who is 55, has shared the top Asia job with Ms. Christiansen since 2014. The longtime investment banker is also Morgan Stanley’s co-head of global equities, and has worked with the bank in Mumbai, New York, and Singapore. Hong Kong.
After Ms Christiansen’s departure, Morgan Stanley has no intention of appointing a new China CEO, as various China units have their own leadership teams, according to a person familiar with the matter.
Ms. Christiansen was born in Beijing and grew up during the Cultural Revolution, a period of chaos from 1966 to 1976 when much of China ceased to function. She went on to study in the US in the 1980s and graduated with honors from Amherst College in 1985, becoming the school’s first Chinese-born graduate, before attending Columbia University law school on a scholarship.
She first joined Morgan Stanley in Hong Kong in 1998 and worked in its investment-banking division before leaving in 2002 and held senior roles at Credit Suisse AG and Citigroup. Inc.
In 2006, she rejoined Morgan Stanley as China CEO.
In late 2007, Ms. Christiansson helped negotiate Morgan Stanley and secure a $5.6 billion investment from the Sovereign-Wealth Fund of China, which helped bolster New York Bank’s capital, as it had to take on US subprime mortgages. had suffered heavy losses.
He also helped pull Morgan Stanley out of a fruitless partnership in China International Capital. Corporation
, a state-backed investment bank in 2010. Morgan Stanley later launched Morgan Stanley Huaxin Securities Company, a securities joint venture in China, in 2011.
Wall Street banks have been making inroads into China over the past two years, despite rising tensions between the world’s two largest economies, as Beijing eased market access for foreign financial institutions as part of a trade deal with Washington. has given.
Morgan Stanley recently increased its stake in the securities venture to 90%, and dropped the name of the local partner from the venture to reflect the change in control. The bank is also seeking a majority stake in a fund-management joint venture.
“V has been instrumental in advancing our strategy and growing our franchise in one of the most complex and important markets for the firm globally,” the internal memorandum said.
Jing Yang at [email protected]