Morgan Stanley has continued revamping its business, this time with changes to its foreign exchange (FX) unit, culminating in three senior departures, according to a recent report from Risk.net.
Last month, Morgan Stanley saw two key exits in its Emerging Markets (EM) space, with both Kay Haigh and Oliver Jerome parting ways with the lender, Finance Magnates reported. Mr. Jerome served as the group’s Managing Director and Head of FX EM Europe over a four-year stint with the group. Prior to this role, he also served as the Head of FX EM Sales across Europe, Middle East and Africa (EMEA) and the Americas at Morgan Stanley, dating back to 2010.
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Additional stops for Mr. Jerome have included Standard Chartered as well as JPMorgan, having held senior level positions in the FX, sales and corporate space. The bank has declined to comment. However, sources suggest that Mr. Jerome resigned amid imminent cuts in the FX desk.
In addition, Morgan Stanley has lost Guy Hopkins and Giovanni Pillitteri. Mr. Hopkins was the Head of FX Sales for Europe, the Middle East and Africa (EMEA) region, having joined from Bloomberg over seven years before. He had been a mainstay at Bloomberg across its FX division dating back to July 2002, as part of the sales team covering buy-side firms.
The third individual leaving Morgan Stanley is Mr. Pillitteri, the only one of the three based in the United States. New York-based Pillitteri was the Global Head of FX and interest rates electronic trading for the past three years. He originally joined the lender from rival Citi in back in 2012, during which he worked as the co-Head of FX automatic trading.