Outright ownership could allow foreign banks to expand their operations in the multitrillion-dollar Chinese financial sector, and better integrate them with their global businesses.
"These are important steps forward for Morgan Stanley as we look to build a leading, fully integrated financial services firm in China," Morgan Stanley said in a statement.
The Wall Street bank named its institutional securities business chief Ted Pick and Andy Saperstein, the head of its wealth management unit, as co-presidents.
The shake-up comes days after JPMorgan Chase & Co named Marianne Lake and Jennifer Piepszak, widely seen as the two top contenders for the CEO role, as co-heads of its consumer and community bank.
The Wall Street powerhouse, however, recorded a total one-off loss of over $900 million that it said was related to a credit event and subsequent losses from "a single prime brokerage client."
Morgan Stanley was one of six banks who had exposure to Archegos Capital Management, a family office fund that defaulted on margin calls late last month and triggered a firesale of stocks across Wall Street.
As part of the commitment, the bank said it would escalate activities such as green-bond financing and financing companies that support clean technology and renewable energy.
As investor interest surges in environmental, social and governance (ESG) issues, a fleet of companies have taken steps to improve their performance on this front.
Greco, who spent almost nine years at UBS covering major financial services (FIG) transactions in Italy and payments deals across Europe, will start at Morgan Stanley at the end of June and will be based in London, two of the sources said.
Orcel later brought Greco over to UBS where he joined the FIG team while Orcel was running UBS's investment banking unit between 2012 and 2018.
The company said it aims to raise about $1.3 billion in its offering by selling around 34 million shares at a price range between $35 and $39 apiece.
TuSimple is the third company to announce plans to raise more than $1 billion through share sales on Wednesday, as companies continue to tap into the red-hot US IPO market.
The structure was meant to cast a wider net to reach qualified candidates typically missed by the traditional Morgan Stanley recruitment process.
We're looking for candidates that demonstrate success in their previous careers and a willingness to adapt and understand the transferable skills that would be relevant and beneficial in our world.
National Bank, one of Greece's four biggest lenders, completed the sale of the Icon portfolio of bad loans last week to credit specialist Bain Capital Credit, with Morgan Stanley acting as its financial adviser.
Last year Italy-based doValue acquired 80% of Greek lender Eurobank's loan servicing unit FPS and renamed it doValue-Greece.