Morgan Stanley has hired two chief compliance officers for its institutional and retail banking businesses, splitting the duties formerly held by one person. The change comes as part of a broader restructuring of Morgan Stanley’s banking business, which is consolidating its trust company and credit corporation businesses under retail servicer Morgan Stanley Private Bank.

John Burns, formerly of Bank of America, is an executive director of legal and compliance and CCO of the private bank, while Edward Farrell, formerly of WestLB, holds the same roles for the institutional Morgan Stanley Bank. Both joined July 25 and report to Jacqueline LiCalzi, managing director of legal and compliance and director of financial holding company compliance. They are based in New York.

Previously, Rohan Kohli was the executive director of compliance for both retail and institutional banking entities. He left Morgan Stanley to become GE Capital’s first chief compliance and regulatory officer of the Americas (, 7/7). Rather than simply fill his role, the firm divided his duties between two officials to have compliance oversight that is focused respectively on retail and institutional banking, according to a person familiar with the matter.

Burns declined to comment. At Bank of America, he was a managing director and head of compliance for its U.S. trust and global wealth and investment management banking products divisions. Farrell was previously head of compliance for the Americas at WestLB. He and a WestLB spokeswoman did not return calls. A BofA spokesman and a Morgan Stanley spokeswoman declined to comment.