July 11 (Bloomberg) -- Morgan Stanley senior credit-derivatives trader Adam Jones left the bank amid reductions in his division, said people briefed on the decision.
Jones, a managing director at the bank, was the lead trader for single-name correlation products, said one of the people, who requested anonymity because the move wasn’t public. Jones didn’t return a call to his mobile phone seeking comment.
Chief Financial Officer Ruth Porat, 54, said last year that the firm was planning to cut assets within correlation trading. Morgan Stanley, the sixth-largest U.S. bank by assets, is eliminating fewer than 100 jobs as Europe’s sovereign-debt crisis crimps trading and deal volume, people briefed on the plans said this week.
Colm Kelleher, 55, who runs the New York-based company’s trading business, said in December that much of what was called correlation trading has disappeared and the bank was focused on moving people to other units.
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