Power Struggle
After winning a power struggle with his co-head of the investment bank, Paul Taubman, Kelleher made a push to gain more trading business on the back of underwriting deals and advising on mergers. The bank is now the world’s top equities-trading firm, and has gained share in fixed-income trading in each of the past three years.
Kelleher’s competitive spirit often manifested in the firm’s battles with rival Goldman Sachs Group Inc. In his remarks at Goldman’s annual financials conference in 2013, Kelleher spoke of the “pleasure” he took in passing the host firm in stock-trading revenue, and last year said Morgan Stanley was catching up to Goldman in advisory fees because “we’re nicer guys.”
This article was provided by Bloomberg News.