Morgan Stanley hired two new managing directors amidst its cuts
Morgan Stanley may be cutting 3,000 jobs across the bank, but it's also still adding a few people at the most senior level in London.
At least two new managing directors have proclaimed their moves to Morgan Stanley this week: Cyrus Framjee, the new head of US dollar rates trading, and Arun Cronin, the new head of EMEA corporate asset finance. Both are in London.
Both had reason to leave their old jobs. Framjee came from HSBC, where he spent six years as head of dollar bloc trading after leaving the London School of Economics. Our latest compensation survey suggested that HSBC bonuses were particularly woeful last year.
Cronin came from Credit Suisse, which has spun much of its asset finance business off into Atlas Partners and merged with UBS, whose enthusiasm for asset finance is not so warm.
The MDs' arrival reflects a trend in evidence elsewhere this year. - While some staff are being cut, other senior staff with the potential to generate revenues are being hired, especially if they come from Credit Suisse and come cheaply.
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