Morgan Stanley hired a Bank of America MD in equity research
Morgan Stanley has added an equity research MD at the expense of Bank of America.
Patrick Wood joined Morgan Stanley's US medical technology equity research team in London.
He was previously at BofA for nearly five years and was lead analyst for Citi’s EMEA medical technology & services operation for two years before that.
Equity research has been a tough role for some time now - since the introduction of MiFID II legislation in Europe around five years ago, to be exact – but the promise/hope of returning Equity Capital Markets (ECM) revenue is a beacon of hope for researchers.
Bank of America won the highly coveted (and super legit) eFinancialCareers “Kings of 2022” title after a strong performance across the board – including in ECM, where revenues fell nearly 10% less than they did at Morgan Stanley.
Morgan Stanley, however, has had the poorest start to the year of the biggest four investment banks measured, down 56% on 2022, compared to Bank of America’s 49%.
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