Power shared between Jonathan Brayne, Stephen Gillespie and Christopher Rushton as David Morley prepares to step into managing partner role

Allen & Overy's global banking board has settled on Jonathan Brayne as the successor to global banking head David Morley. However, the firm has ditched the title of 'global banking head' in favour of 'non-executive chairman'.
The name change is a strong indicator of the pivotal roles played by Stephen Gillespie and Christopher Rushton in running the group. Gillespie and Rushton will continue as the group's managing partners of strategy and operations respectively. Brayne was previously deputy head of the group. His new role is effective from 1 May 2003, when Morley becomes managing partner of the firm.