Photo: Mario Tama/Getty Images
One of the most quoted names at Morgan Stanley is moving on.Moving on up, that is.
Jeanmarie McFadden, who was most recently Morgan Stanley’s “Global Head of Communications,” is becoming the head of communications and marketing for the firm, according to a person familiar with the matter.
We’re not sure what her exact title will be. The words “global,” “head,” “communications” and “marketing” will likely be part of it, according to a source.
It’s the opposite, in any case, of what just happened at Goldman Sachs — where top spokesman Lucas Van Praag was recently let go.
This is a big promotion into a newly created position that will have McFadden supervising both the communications and the marketing group, according to one person close to the situation.
Some at the firm are surprised by the promotion because of the internal politics at Morgan Stanley. Many believed that Gorman would continue to promote members of what is known as the “McKinsey Mafia” — referring to consultants hired on to Morgan Stanley from Gorman’s old consultancy, McKinsey & Co.
McFadden, by contrast, is a long time member of former Morgan Stanley chairman and chief executive John Mack’s inner circle. She was a spokesperson at Morgan Stanley way back in 2000, and perhaps earlier.
When Mack took over at Credit Suisse following a leadership struggle at Morgan Stanley, McFadden followed. The very next year she was named a Managing Director at Credit Suisse. When Mack returned to take over at Morgan Stanley once again, McFadden returned with him.
Most recently McFadden aroused good natured chuckling on Wall Street when she said told a retirement party for Mack that her boss “loves shoes” and has been known to cry “more than John Boehner.”
Mack responded by saying that if he hadn’t been a banker, he would have been a ladies shoe salesman.
The phrase “Jeanmarie McFadden, a Morgan Stanley spokeswoman” gets over a thousand hits in a Google search. Most recently, she has been in the unenviable position of discussing layoffs at Morgan Stanley.
The first time I encountered her name was in a 2007 Reuters story about cocaine. Or, rather, Bess Levin of DealBreaker’s write up of the Reuters story on a possible uptick of drug use by Wall Street hotshots during the final phase of the boom years.
Morgan Stanley spokeswoman Jeanmarie McFadden said, “To my knowledge, we have not seen an uptick in drug use,” which sounds incredibly convincing. Convicted drug dealer Juan Rodriguez noted that many of his (“former”) clients “were” Morgan Stanley bankers, who “never complained about the price of cocaine.”
McFadden could not be reached for comment. A person at the firm said she is on jury duty. A spokesperson at Morgan Stanley was “in a meeting” and not available to comment immediately.