The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in the Manhattan borough of New York City, January 20, 2015. W
Credit: /Mike Segar
- Morgan Stanley Chief Financial Officer Ruth Porat is leaving the bank to join Google Inc in the same position, the companies said on Tuesday.
Porat, 57, will replace Patrick Pichette, who said on March 10 that he planned to retire.
Jonathan Pruzan, co-head of Morgan Stanley's global financial institutions group in investment banking, will become CFO after Porat leaves on April 30.
Porat, who joined Morgan Stanley in 1987, is no stranger to the technology industry, having led the bank's technology franchise during the internet boom.
She has been the lead banker for financing of companies including Amazon.com Inc and eBay Inc.
Porat will join Google on May 26, the company said in a blog post. (bit.ly/1EN0JbF)
During the financial crisis, Porat led the Morgan Stanley teams advising the U.S. Treasury on Fannie Mae and Freddie Mac, and the New York Federal Reserve Bank on American International Group Inc.
Pruzan joined Morgan Stanley in 1994 and he has been working with its financial institution clients.
"He understands the current regulatory environment, having shepherded clients through the Fed's stress test ..." Chief Executive James Gorman said in a memo to staff.
Google shares were up 0.7 percent at $570.45 in early trading on the Nasdaq, while Morgan Stanley shares were down slightly at $36.16 on the New York Stock Exchange.
No comments:
Post a Comment