(Bloomberg) -- Morgan Stanley tapped its treasurer to help run its banking units, where it’s been building out its lending business over the last decade.
John Ryan will leave the treasurer post to become president of Morgan Stanley’s US bank operating subsidiaries, according to an internal memo. He’s replacing Eric Heaton, who held that role for the past decade, and is leaving for a role outside the New York-based company.
Ryan, 49, will have the task of continuing to build out Morgan Stanley Private Bank, set up in 2010 to increase deposits and make more loans to clients of its retail-brokerage business, as well as expand commercial-banking products for its corporate customers through Morgan Stanley Bank NA.
The firm’s banking units have more than $200 billion in outstanding loans, up 55% since the start of the pandemic. With $378 billion in assets spread across its two banking units, it would rank among the top 15 standalone US banks by that measure.
Ryan joined the firm in 2004 after stints at Deutsche Bank AG and Mizuho Financial Group Inc. and was promoted to managing director in 2007. He’s held the role of treasurer since 2017. Ed Reilly, 47, will take over that role from Ryan. Reilly is already in the treasury group.
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