Morgan Stanley Smith Barney has cut its total number of regions from 19 to 16 in its latest streamlining move, according to an internal firm memo.
Morgan Stanley Smith Barney has eliminated the Soundview region, which included parts of New York state and Connecticut. Its Long Island and Purchase complexes are now part of the New York metro region led by Ralph Balzano. Its Connecticut complexes are now part of the New England region led by Rick Ryan.
Morgan Stanley Smith Barney has also combined its North Florida and South Florida territories into one Florida Region. Craig Norton, who previously served as regional director for South Florida, will lead that territory.
The firm also combined its Southeast and Southern regions into one Southern region. A new regional director for that territory will be announced shortly, according to the memo.
The move will result in four region leaders being reassigned to new roles. That includes Dan Cedro, who led the northern Florida region; Walter Jameson, who was assigned to the Southern region; Rich Less, previously of the Soundview region; and M.A. Mullis of the Southeast region.
Those leaders will be reassigned to new positions, which “will be announced separately,” according to the memo which was sent to employees on Wednesday.
Lorie Konish writes for On Wall Street.