Jefferies Group’s Peter Bacchus stepped down from his role as global head of metals and mining and co-head of European investment banking, a person familiar with the move said.

Bacchus, 47, a managing director who joined Jefferies in London five years ago from Morgan Stanley, is taking a senior advisory role at the New York-based firm and won’t be replaced, said the person, who asked not to be identified discussing personnel. Dominic Lester will be sole head of European investment banking, the person said.

Jefferies sold most of its commodities futures broker Bache last year to French lender Societe Generale SA and said it planned to close down the rest of the business. The deal ended a costly foray into futures trading for Jefferies, which paid about $430 million in 2011 to buy Bache’s global commodities group from life insurer Prudential Financial Inc.

Before joining Jefferies, Bacchus oversaw metals and mining banking at Morgan Stanley and earlier worked at Citigroup Inc. in Sydney.

Reuters reported the move earlier Thursday.

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