updated 12/8/2009 10:26:04 AM ET 2009-12-08T15:26:04

Morgan Stanley announced it is shuffling its executive team, moving its chief financial officer and a top banker into the roles of leading the bank's institutional securities unit.

The changes announced Tuesday come as James Gorman is set to take over as CEO on Jan. 1. Gorman is replacing John Mack, who will remain as chairman.

CFO Colm Kelleher and Paul Taubman, previously head of investment banking, will jointly run the New York-based bank's unit that includes sales, trading and investment banking. Morgan Stanley had been criticized earlier in the year for being too conservative amid the market rebound.

Ruth Porat will take over as chief financial officer.

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