Morgan Stanley made more changes to its global private wealth business yesterday as brokerage boss James Gorman told staff in a memo that he had eliminated the group's head of international private wealth position and linked the reporting lines of the division's regional heads directly to him.

Michael Durbin, former head of international private wealth, was displaced from the business as a result of the reshuffle. In the memo announcing the changes, Gorman wrote that Durbin will be "pursuing new opportunities" at the bank.