Morgan Stanley co-President Andy Saperstein has been diagnosed with cancer, he wrote in an internal memo seen by Reuters on Tuesday.

In the email to staff, Saperstein said the news have been a shock. "I'm young and in otherwise good health…. That gives me great confidence as I begin the process of starting treatment so I can recover from this illness and put it all behind me".

He also told staff he will limit travel, but plans to continue working.

Saperstein, co-president that heads wealth and investment management, was considered to succeed CEO James Gorman earlier this year.

(Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)