Morgan Stanley Smith Barney has revamped the leadership structure for its wealth management business, according to an internal memo sent by the firm’s global wealth management President Greg Fleming.The moves come as MSSB approaches its two-year anniversary of the inception of its business after Smith Barney was purchased from Citigroup, Fleming notes in his letter. It also comes after Fleming was named to his role in January, replacing Charlie Johnston.
MSSB has disclosed plans to streamline its ranks in other ways. News emerged in March that MSSB planned to lay off 200 to 300 low producers and trainees from its wealth management ranks. Those cuts could bring the firm’s financial advisor head count to an estimated 17,800.