Morgan Stanley's co-head of EMEA prime broking is leaving
It's been a good run, but James Beeston is said to be leaving Morgan Stanley.
The US bank's co-head of EMEA prime brokerage is understood to be leaving the bank after nearly 23 years at the end of this month. It's not clear where he's off to next: Beeston didn't immediately respond to a request to comment and Morgan Stanley declined to say anything on the matter.
Beeston, who graduated from Southampton University with a zoology degree, spent his entire career at Morgan Stanley after joining from the British Army in 1998.
It's conceivable that he is now retiring. However, his exit comes after Morgan Stanley made 1,200 job cuts at the end of last year. In August last year, Edward Keller, Morgan Stanley's global head of prime brokerage, retired after a health issue. Keller is now a director at an equity data science firm.
Following Beeston's exit, we understand that Morgan Stanley's EMEA prime business will be run by his co-head Will Smith, who will become the sole head of the business. The implication is that the bank has been trimming costs by eliminating expensive co-head positions.
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