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Morgan Stanley Shakes Up Top Ranks of FX Unit at Center of Probe

  • Bank appoints new co-heads to oversee troubled FX-option unit
  • Losses on CEEMEA FX option trades said to continue in 4Q
Monitors display signage outside of Morgan Stanley global headquarters in New York, U.S.
Photographer: Michael Nagle/Bloomberg

Morgan Stanley overhauled leadership at a troubled currency-trading unit that lost tens of millions of dollars on emerging-market deals last year and is the target of an internal probe.

Alex Silverman and Roland Jeurissen are being promoted to co-heads of the FX options unit at Morgan Stanley, according to people familiar with the matter. The business had been previously overseen by Thiago Melzer, a senior Morgan Stanley trader who has been linked to an internal review of trading practices at the division, Bloomberg has reported.