Morgan Stanley has tapped Wachovia Securities for the post of chief financial officer of its global wealth management group by appointing Je...

Morgan Stanley has tapped Wachovia Securities for the post of chief financial officer of its global wealth management group by appointing Jeffrey Gelfand. Prior to his stint as CFO at Wachovia, Mr Gelfand was CFO for five years at Merrill Lynch’s retail brokerage unit, which Morgan Stanley's new retail chief, James Gorman, previously headed. He will join Morgan Stanley on 3 May and will replace Frank Bianco, who has become the firm's corporate controller, according to an internal Morgan Stanley memo. Since arriving at Morgan Stanley, Mr Gorman has initiated an ongoing restructuring at the firm's wealth management unit. This has included a programme of bringing in former Merrill executives, including Rick Skae and Jerry Miller, who are now running two of the sales divisions. Donald Plaus, former managing director at Merrill, has also been recently appointed district manager for the Carolinas and Virginia.