Morgan Stanley COO Jon Pruzan exits after 29 years of leadership
Jon Pruzan, Morgan Stanley's long-serving COO, is set to depart the bank on January 31, 2023, after nearly three decades of service. His departure comes as the bank's CEO, James Gorman, has been less than clear about his succession plans.
Pruzan, who joined Morgan Stanley in 1994, has held the COO position since May 2021. He played a pivotal role in the bank's acquisitions of E*Trade and Eaton Vance in 2020. His departure follows a round of layoffs in December 2022, where Morgan Stanley cut around 1,600 jobs, approximately 2% of its workforce.
Gorman, who has been at the helm since 2006, has given no concrete timeline for his succession. At the 2022 annual meeting, he stated he had no immediate plans to retire. Pruzan, once considered a potential successor, will now pursue other opportunities after his departure.
Pruzan's exit from Morgan Stanley marks the end of an era for the bank. His successor as COO is yet to be announced. Meanwhile, Gorman's plans for succession remain unclear, leaving the banking world watching for further developments.
