M&A

$13 billion deal will get Morgan Stanley "ready for prime time"; Ralph Hamers will replace Sergio Ermotti later this year.

Investors are reacting skeptically to the auto lender's deal to acquire CardWorks for $2.65 billion.

CardWorks also specializes in non-prime credit cards and loans for recreational and marine vehicles.

Alexander most recently headed up mortgage lending and before that co-led the integration of Key's acquisition of First Niagara. He replaces Dennis Devine, who recently left the company.

Meyer was credited with guiding the Cleveland company through the financial crisis and returning it to profitability. He died this week at his home in Florida.