Morgan & Co. has named Nicholas B. Paumgarten co-head of its mergers and acquisitions unit.

Mr. Paumgarten, who had been head of the banking company's financial institutions and real estate group, will run the M&A group with Joseph A. Walker.

Edward J. Kelly, Morgan's general counsel and secretary, will succeed Mr. Paumgarten as co-head of financial institutions with T. Timothy Ryan. Rachel Robbins, previously deputy general counsel, will succeed Mr. Kelly.

Mr. Paumgarten joined J.P. Morgan in 1992 from C.S. First Boston Corp. In his time in financial institutions he helped propel the group into the top echelon of the bank advisory business. In 1995, the group ranked fourth among all advisers.

Among the deals he advised on were First Bank System Inc.'s bid to buy First Interstate Bancorp, and CoreStates Financial Corp.'s announced purchase of Meridian Bancorp.

Mr. Kelly joined the bank from the law firm of Davis Polk & Wardell, where since 1988 he had been a partner specializing in banking and securities issues.

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