Morgan Stanley has promoted Jonathan Pruzan and Eric Bischof to global co-heads of its financial institutions group.

They replace Ruth Porat, who was promoted to chief financial officer in December. The promotions were announced Monday and took effect Jan. 1, when James Gorman became Morgan Stanley's president and chief executive. In September the company announced Gorman would succeed John Mack as CEO. Mack remains the company's chairman. .

Bischof, 45, was global chief operating office of the financial institutions group. He has worked for Morgan Stanley for 13 years. He is among the lead Morgan Stanley bankers advising the Federal Reserve Bank of New York on the restructuring of the insurer American International Group Inc.

Pruzan, 41, has worked for Morgan Stanley for 15 years. He was co-head of North America financial institution group mergers and acquisitions, and was previously the Head of North America banks for Morgan Stanley.

Morgan Stanley promoted John Esposito, who has worked for the company since 2004, to head of the financial institutions group in the Americas. William Chalmers and Jakob Lindquist will continue as co-heads of the financial institutions group in Europe, while Willard McLane will continue as head of the financial institutions group in non-Japan Asia.

Yoichiro Ito and Takashi Kurose will become co-heads of the financial institutions group in Japan, replacing Kohei Yuki, who will continue to remain a senior banker in the financial institutions group in Japan focusing on its most important clients in the region.

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