Morgan Stanley Covered Bond Strategist Dierks Said to Leave Bank

Leef Dierks, the London-based head of covered bond strategy at Morgan Stanley (MS), is leaving the bank, according to a person familiar with the matter.

Dierks is going as part of job cuts planned by the New York-based firm, said the person, who asked not to be named because they’re not authorized to speak on the matter. He joined in 2010 from Barclays Plc, data compiled by Bloomberg show.

Hugh Fraser, a London-based spokesman at Morgan Stanley, declined to comment.

Morgan Stanley is eliminating about 1,600 jobs worldwide from its investment bank and support staff, with half the reductions in the U.S., a person with direct knowledge of the matter said on Jan. 9.

Covered bonds are a form of bank financing backed by mortgages or public sector loans and guaranteed by the issuer.

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To contact the editor responsible for this story: Paul Armstrong at

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