Morgan Stanley taps brokerage exec as new head of private banking

Morgan Stanley, owner of the world’s largest brokerage, named Shelley Hanan chief executive officer of its private bank, a month after it gave her the job on an interim basis. Hanan, 49, previously the chief administrative officer of Morgan Stanley Smith Barney, will lead the bank’s push to offer more products such as jumbo mortgages and structured loans to its brokerage clients, according to an internal memo obtained by Bloomberg News. Christine Pollak, a company spokeswoman, confirmed the contents of the memo, which was sent today by Morgan Stanley Smith Barney Chief Operating Officer Jim Rosenthal. Hanan takes over the private bank after Cecelia “Cece” Stewart left last month to run Citigroup Inc.’s North American retail bank. Morgan Stanley has hired more than 100 bankers for the unit, with plans to increase that to 500 over the next year, as it seeks to squeeze more revenue from existing clients and encourage them to hold deposits. Morgan Stanley also hired Mark Connolly as the private bank’s head of products, according to the memo. Connolly was previously co-CEO and COO of the U.S. private bank within Citigroup’s wealth-management unit, the memo said.