Morgan Stanley Said to Cut at Least 10 in Europe Equity TradingRuth David and Michael J. Moore
Morgan Stanley, the bank with the most stock-trading revenue, cut at least 10 traders in its European equities business, a person familiar with the matter said.
Philippe Carrier, a managing director in London, was among those cut, according to the person, who asked not to be identified because the decision hadn’t been publicly announced. Employees were told of the job cuts today, the person said.
Morgan Stanley generated $5.28 billion from equity trading in the first nine months of 2014, surpassing Goldman Sachs Group Inc. for the most among banks. Colm Kelleher, a native of Ireland who oversees Morgan Stanley’s investment banking and trading division, said last year that while the firm will keep a strong business in Europe, he was“quite negative” on the prospects for the region’s growth.
“We feel we’re adequately sized in Europe; we did scale back in certain satellite offices,” Kelleher said at an investor conference in November. “We’re just going to slug this out. It will mean that we will pay people less.”
Matthew Totham, a managing director, left the bank last week in an unrelated departure, according to the person. Totham was head of equity trading in Hong Kong before relocating in 2013 to London to lead equity and index trading there, Derivatives Week reported at the time.
A spokesman for Morgan Stanley declined to comment. Totham and Carrier didn’t immediately respond to calls and e-mails requesting comment.