Morgan Stanley's global commodities head John Shapiro is retiring later this year, capping 24 years at the Wall Street giant, according to an internal memo.
The New York-based firm has been stung by recent commodities trading losses, which contributed to a 57% drop in second-quarter earnings (InvestmentNews June 18).
Simon Greenshields and Colin Bryce will succeed Mr. Shapiro, the memo said.
Mr. Greenshields is currently in charge of Morgan Stanley’s natural gas and power trading business while Mr. Bryce is head of the investment bank’s European commodities business.
After his retirement later this year, Mr. Shapiro will stay on in an advisory capacity.
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