More Upheavals For Morgan Stanley's Philadelphia Operation

Friday, June 03, 2011 05:59
More Upheavals For Morgan Stanley's Philadelphia Operation

Tags: Morgan Stanley

Something's going on in Philadelphia. After the second big departure from that region in a row, Morgan Stanley is chopping it up and giving the pieces to neighboring managers.

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Frank LaRosa, who ran the Philadelphia offices themselves, left Morgan under mysterious circumstances barely two weeks ago and has yet to find the right fit elsewhere.


Now Stephen Dimodica, who ran the larger Philadelphia region -- Pennsylvania down through southern New Jersey and Delaware -- is leaving the firm.


Rather than replace him, Morgan has split up the region and assigned its reps to the New Jersey, Great Lakes, and Mid-Atlantic regional directors.


Both LaRosa and Dimodica were Smith Barney veterans who came into Morgan Stanley via the merger of the two firms.


While it's vastly unscientific, a scan of Morgan's broker lookup database for Philadelphia revealed 100 names right after LaRosa was pushed out. Now there's just 92 names on the list.



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