Morgan Stanley (MS)

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Morgan Stanley names 2 to head retail bank:

Wednesday November 12, 2:27 pm ET

Morgan Stanley names 2 Wachovia executives to run firm's new retail banking business:

NEW YORK (AP) -- Morgan Stanley on Wednesday said it will hire two top executives from Wachovia Corp. to help launch its new retail banking business.

Cece Sutton was named president of the new group as part of a plan to bring in deposits that will help offset riskier segments of Morgan Stanley's business.

At Wachovia, which is being acquired by Wells Fargo & Co., Sutton was head of retail and small business banking with responsibility for 33,000 employees across 3,300 locations.

Morgan Stanley also named Jonathan Witter as the retail bank's chief operating officer. He was head of distribution for Wachovia.

Morgan Stanley, the nation's No. 2 securities firm, converted into a bank holding company in September.

http://biz.yahoo.com/ap/081112/morgan_stanley_appointments.html?.v=1