Morgan Stanley co-president Saperstein diagnosed with cancer, FT reports

Andy Saperstein, the co-president of Morgan Stanley, has been diagnosed with cancer, the executive told employees in an internal memo, The Financial Times’ Joshua Franklin reports. “While my travel may be limited during the period of my treatment, I plan to continue working to make sure Morgan Stanley remains on our great path forward,” he said. Saperstein, who runs Morgan Stanley’s wealth management division, was one of three leading internal candidates to succeed James Gorman as CEO, but it ultimately went to his fellow co-president Ted Pick. Saperstein has agreed to remain at Morgan Stanley under Pick and will also oversee the bank’s investment management business, alongside his role running wealth management.