Morgan Stanley has restructured its wealth management unit, Reuters reported, citing a company memo.

As part of the changes, Vince Lumia was named head of field management. Lumia earlier was head of private wealth management at the company.

Mandell Crawley will succeed Lumia as head of private wealth management, according to the report. Crawley most recently served as Morgan Stanley's chief marketing officer.

The investment bank has eliminated its divisional level and appointed Bill McMahon and Rick Skae, former divisional heads, vice chairmen of wealth management.