Morgan Stanley elevated two of its long-time executives to bigger jobs, highlighting a pair of strategic priorities for the Wall Street firm while offering additional clues on its succession plans.

Edward Pick, 46 years old, who oversaw the revival of Morgan Stanley's stock-trading arm after the financial crisis, was named global head of sales and trading, according to a memorandum sent to Morgan Stanley employees Thursday. The new role gives Pick oversight of fixed-income trading, a key profit driver for banks that has been challenged by new regulations.