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Morgan Stanley Europe Credit Sales Banker Ohayon to Leave Firm

Jan. 10 (Bloomberg) -- Eric Ohayon, co-head of European credit sales at Morgan Stanley, is leaving the investment bank as it plans to reduce 1,600 jobs.

Ohayon, reached on his mobile phone today, confirmed his departure and declined to comment on the reason for the move. A spokesman for Morgan Stanley declined to comment on Ohayon.

Morgan Stanley, the sixth-largest U.S. bank by assets, plans to eliminate about 6 percent of the staff at the company’s institutional securities group, which includes investment banking and trading units, and support staff, a person familiar with the cuts said yesterday. About half the reductions will be in the U.S., the person said. Chief Executive Officer James Gorman has pledged to lower costs as return on equity remains below the New York-based bank’s cost of capital.

Ohayon, based in London, had worked for Morgan Stanley since at least 2001, according to the U.K. Financial Services Authority’s register of approved individuals.

To contact the reporter on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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