Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Morgan Stanley Fires German Equity Trading Head Gegenwart

July 11 (Bloomberg) -- Harald Gegenwart, Morgan Stanley’s head of German equity trading, was among those dismissed as the lender cuts jobs amid a slowdown in Europe, according to two people with direct knowledge of the decision.

The dismissal of Gegenwart and the trader he supervised was part of broader reductions across Europe, and trading of regional German stocks will be picked up by other groups, said the people, who asked not to be identified because the cuts weren’t public. A call for comment to Gegenwart today was answered by someone who said he wasn’t in the office.

Morgan Stanley is eliminating fewer than 100 jobs as trading and deal volume fall amid the European sovereign-debt crisis, people briefed on the plans said this week. The cuts will come primarily from the trading business in Europe and Asia, said the people, who requested anonymity because the plans aren’t public.

At least seven euro economies already are in recession and Germany, Europe’s largest, which helped the single-currency zone avert a contraction in the first quarter, also is cooling. German investor confidence dropped the most in 14 years in June, and executives grew more pessimistic. Euro-area economic sentiment slumped to the lowest in more than 2 1/2 years last month, while unemployment reached a record 11.1 percent in May.

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.