By Manya Saini and Saeed Azhar
(Reuters) – Veteran Morgan Stanley executive Franck Petitgas will step down from his role as the bank’s international head and stay on as a senior adviser in London, a memo seen by Reuters on Monday showed.
Petitgas, whose career at the U.S. investment bank spans three decades, plans to continue working with leaders of the bank’s international businesses, the memo said. In his current role, he oversees operations outside the United States, including key clients in the Europe, Middle East and Africa region. He will step down from this role effective Jan. 1.
He has held other senior roles at the bank, serving as its co-head of investment banking globally and has also held leadership positions in the bank’s capital markets businesses.
Petitgas joined Morgan Stanley as a vice president in 1993 in New York. He was promoted to managing director in 1997 and elevated to the operating committee in 2012.
The contents of the memo were confirmed to Reuters by a spokesperson for the bank.
The Financial Times reported earlier on the move.
(Reporting by Manya Saini in Bengaluru and Saeed Azhar in New York; Editing by Lananh Nguyen and Jane Merriman)