More changes are brewing in Morgan Stanley Smith Barney’s Philadelphia business as Stephen J. Dimodica is out as regional director for the greater Philadelphia region and his former complexes have been divided among other regions, a firm spokesperson confirmed on Thursday.
Dimodica will be leaving Morgan Stanley Smith Barney, said the spokesperson, who declined to provide more details about his departure.
Dimodica is still registered with Morgan Stanley Smith Barney, according to Financial Industry Regulatory Authority records, and has been registered with the firm since June 2009. Before that, he was registered with Citigroup Global Markets in Philadelphia from 2003 to 2009; Morgan Stanley DW Inc. from 1987 to 2003; and Merrill Lynch, Pierce, Fenner & Smith Inc. from 1983 to 1987.
Dimodica’s complexes have been divided among three existing regions. The spokesperson declined to say whether the reorganization is permanent.
The Southern New Jersey, Philadelphia and Jenkintown, Pa. complexes have been moved to the New Jersey region, which continues to be managed by Drew Hawkins.
The Harrisburg and Allentown, Pa. complexes have been moved to the Great Lakes region, which is managed by Brian Katz.
The Delaware complex has been moved to the mid-Atlantic region, which is managed by Jed Woelfle.
The new shift comes after Philadelphia complex director and senior vice president Frank LaRosa was terminated last month. LaRosa’s departure came just five months after he was promoted to that position from the firm’s Southern New Jersey office. LaRosa was also honored in May as one of On Wall Street magazine’s branch managers of the year, an award that is given to ten branch managers annually.