The appointment last week of Jonathan Chenevix-Trench as chairman of Morgan Stanley International underlines the dramatic generational shift in the investment bank's senior management since the arrival of John Mack as chief executive in July.

Chenevix-Trench, a fresh-faced 44-year-old, takes over in London from Sir David Walker, 65, who is retiring at the end of the year. His appointment, after a 21-year career at the US bank, is the 15th top-level position filled by Mack in the past five months.