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The announcement of his departure last November left his co-head, Colm Kelleher, in charge of the firm's core securities business.
But German regulators had long allowed their banks to include in the "core" securities with a much shorter maturity, dubbed "silent partnerships"—in effect, subordinated preference shares.
The investment bank Morgan Stanley, with its core securities trading business continuing to reel from the tight credit market, reported a 58percentt decrease in net profit on Wednesday.
Last week, Mr. Gorman announced several executive appointments, including appointing Ruth Porat as the firm's chief financial officer and Colm Kelleher and Paul J. Taubman as the co-presidents of Morgan Stanley's core securities business.
He will also serve on Morgan Stanley's operating and management committees Mr. Nides will report to James P. Gorman, Morgan Stanley's chairman and chief executive, and will work with the heads of Morgan Stanley's core securities and wealth management businesses, Colm Kelleher and Gregory J. Fleming.
Nor does the law provide for a consolidated supervisor that is knowledgeable in their core securities business, and that would be recognized for this purpose by international regulators.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com