Greg Fleming, president of Morgan Stanley’s wealth management and investment management divisions, is set to leave the firm, according to people familiar with the matter. Colm Kelleher, head of the firm’s investment banking and trading, will be named president–a role that places him as CEO James Gorman’s No.2. Gorman is expected to stay on as the bank’s top boss for several years, according to a source familiar. Fleming, who has harbored aspirations of running a major Wall Street firm, has told those close to him that he decided to leave Morgan Stanley with the prospect of attaining the CEO title at the firm unlikely. Fleming helped shepherd Morgan Stanley’s renaissance in wealth management at a time when its trading platform was shaky. He joined Morgan Stanley in 2009 after helping oversee the sale of Merrill Lynch, where he was president and chief operating officer, to Bank of America during the heart of the financial crisis. A Morgan Stanley spokesman was unable to comment immediately.
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