Citi’s Shedlin joins rival bank

Gary Shedlin, who was most recently chairman of Citigroup's investment banking effort for financial institutions, is departing to join Morgan Stanley, a Morgan Stanley spokeswoman said. Shedlin in his new position with Morgan Stanley will be a vice chairman focused on financial institutions, spokeswoman Alyson Barnes said. His position will be a new one. While at Citi Shedlin advised the world's biggest money manager, BlackRock, in deals including the company's purchase of Merrill Lynch Investment Management in 2006 and its 2009 purchase of Barclays' asset management arm.