Morgan Stanley's U.S. chief economist is leaving the firm to pursue other opportunities, according to an internal memo obtained by Dow Jones Newswires.
According to the memo, Richard Berner, 64, plans to remain "over the near term in an advisory capacity to ensure a smooth transition." David Greenlaw will take over as acting U.S. chief economist.
Berner joined Morgan Stanley in 1999 and has been U.S. chief economist for eleven years and co-head of the global economics team for three years.
Yesterday the banking firm announced a number of executive changes in its fixed-income and retail brokerage divisions as chief executive James Gorman shakes up top management a year into his tenure. The company is expected to release fourth-quarter results next Thursday.