A couple of familiar Wall Street veterans are stepping back from the business it was announced Tuesday. Morgan Stanley’s Bryon Wien is stepping down as Morgan Stanley’s top strategist, and Bear Stearn’s chief economist Wayne Angell is retiring.

Well-known contrarian, 69, Wien is giving up the top strategist role and title to strategist Steve Galbraith. Wien will become a senior investment strategist, and will continue to publish his annual “10 Surprises” forecast. Galbraith will take over as chief investment officer of U.S. equity research, effective December 1.

Angell, 71, a former Federal Reserve Board governor, will retire from Bear Stearns after seven years with the firm. The inflation hawk Angell is expected to leave by the end of the year. “Wayne has been a tremendous asset to our firm. He’s one of the top economists on Wall Street and he’s proven to be an invaluable resource to our clients. He will be missed,” said Russell Sherman, a spokesman at Bear Stearns.