Top positions change hands at Morgan Stanley

Morgan Stanley named Jonathan Pruzan and Eric Bischof as co-heads of its financial-institutions group, according to a memo reviewed by Dow Jones Newswires. They are replacing Ruth Porat, who was named chief financial officer last month. The changes are part of a management shake-up by CEO James Gorman, who officially replaced John Mack on Monday. As part of that effort, John Esposito will head the group in the Americas, and Takashi Kurose and Yoichiro Ito will co-lead the group in Japan.