Morgan Stanley has promoted Franck Petitgas, its long-serving co-head of investment banking and a well-known figure in the City, to lead its international business as part of a broader shake-up of the bank’s leadership.

Petitgas, who has worked at the US investment bank since 1993, has long been viewed as a potential successor to CEO James Gorman, and his promotion to head of international at Morgan Stanley comes alongside the elevation of another contender for the top job — Ted Pick.