Morgan Stanley is carrying out a reorganisation in its Global Wealth Management unit in the US, reducing its regional divisions from four to two. Morgan Stanley veteran Bill McMahon, who previously ran the southern division, now adds the western region to his responsibilities. Rick Skae, brought in from Merrill Lynch by retail brokerage chief James Gorman, takes on the central in addition to the northeast region. All this is happening less than a month before Ellyn McColgan, who will be the new president and chief operating officer of GWM, comes on board, reporting to Mr Gorman.