Irish man tipped to lead top US bank

Irishman Colm Kelleher is now in pole position to take over as global CEO of the US bank Morgan Stanley following the retirement of his long-time rival Paul Taubman.

Mr Taubman and Mr Kelleher had been co-heads of the company’s investment bank and rivals in a power struggle to replace chief executive James Gorman when he eventually steps down.

The retirement of Mr Taubman means that Bandon-born Mr Kelleher takes full control of one of the most important divisions within the banking giant.

Morgan Stanley chief executive James Gorman is looking to streamline decision making in its trading and investment banking unit by putting a single person in charge. The bank has been rethinking parts of that business, such as commodities trading, as regulations globally cut into potential profits.

Investors have been waiting for either Mr Taubman or Mr Kelleher to step down since 2009, when Morgan Stanley named them as co-banking heads. Executives on Wall St are rarely happy to share power. Mr Taubman, 51, oversaw the bank’s merger advisory and securities underwriting business, while Mr Kelleher, 55, oversaw trading and securities sales.

Mr Kelleher lived in Bandon until he was 16 and then moved to Warrington when his father, a GP, relocated there.

— Additional reporting by Reuters