Morgan Stanley's No. 2 Colm Kelleher to retire, according to memo

Morgan Stanley's Chief Operating Officer Colm Kelleher is retiring, according to a company memo.

Kelleher, who joined Morgan Stanley in 1989, will officially step down June 30. After that, the heads of major businesses that reported to Kelleher will report to CEO James Gorman, the company said. Kelleher will continue to serve as a senior advisor to the New York-based investment bank after his retirement.

From 2007 to 2009, Kelleher was CFO and co-head of corporate strategy — a "key role and during that critical period," where he was "instrumental in helping the Firm navigate the depths of the financial crisis," Morgan Stanley CEO James Gorman said in the memo.

Under Kelleher and Gorman, Morgan Stanley has built out its wealth management division, a more stable business than its trading operations. In the fourth quarter, its two largest businesses — Wall Street trading and advisory and wealth management — suffered revenue declines amid a difficult market environment.

Shares of Morgan Stanley are up 5.8 percent this year.

—This is a developing story. Check back for updates.

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