Morgan Stanley has shaken up its upper ranks, setting off a leadership contest between the executive leading its traditional Wall Street business with the head of its expanding wealth management unit.

The US bank has named Ted Pick, the head of its institutional securities unit, and Andy Saperstein, head of wealth management, as co-presidents, it said in a statement. They line up behind chief executive James Gorman, who is one of the longest serving Wall Street bosses with a tenure of 11 years.