In January, Sir Fred Goodwin officially departs Royal Bank of Scotland. His successor is Stephen Hester, who has hinted that some U.S. operations may get sold, such as Citizens Financial Group, led by Ellen Alemany, and RBS Greenwich Capital.

Cece Sutton, the former head of retail and small-business banking at Wachovia Corp., will become president of the retail banking group at Morgan Stanley, and Jonathan W. Witter, also from Wachovia, will become the COO of the group.

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