Ruth Porat, head of Morgan Stanley's financial-institutions group, will succeed Colm Kelleher as the bank's chief financial officer. Kelleher and Paul Taubman were recently named co-presidents of Morgan Stanley's institutional-securities operations. "This is an attempt to groom the next generation of senior management and re-initiate a partnership culture at the top," said Brad Hintz, an analyst at Sanford C. Bernstein in New York. "The risk is that the co-heads are unable to work together, but that is the challenge of any partnership."

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