In an effort to increase distribution of its products through financial institutions, Morgan Stanley announced it promoted Jonathan Pruzan and Eric Bischof to global co-heads of it financial institutions group.

They replace Ruth Porat, who was promoted to chief financial officer in December.
Bischof, 45, was global chief operating office of the financial institutions group. He has worked for Morgan Stanley for 13 years. He is among the lead Morgan Stanley bankers advising the Federal Reserve Bank of New York on the restructuring of insurer American International Group Inc.

Pruzan, 41, has worked for Morgan Stanley for fifteen years. He was co-head of North America financial institution group mergers and acquisitions, and was previously the Head of North America banks for Morgan Stanley.

Morgan Stanley has promoted John Esposito, who has worked for the company since 2004, to head the financial institutions group in the Americas. William Chalmers and Jakob Lindquist will continue as co-heads of the financial institutions group in Europe, while Willard McLane will continue as head of the financial institutions group in Non-Japan Asia.

Yoichiro Ito and Takashi Kurose will become co-heads of the financial institutions group in Japan, replacing Kohei Yuki, who will continue to remain a senior banker in the financial institutions group in Japan focusing on its most important clients in the region.

All the promotions are effective Jan. 1 when James Gorman became Morgan Stanley's president and chief executive officer. In September, the company announced Gorman would replace John Mack as chief executive officer. Mack remains the company’s chairman.