Morgan Stanley suffered another significant departure from its Swiss fixed income business.
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The US bank isn’t commenting, but sources say that Michael Georgis, an executive director in relative value trading and the head of Swiss fixed income, based in Zurich, is leaving.
It’s not clear why or where he’s going next. Morgan Stanley made 2,000 job cuts last quarter, but it’s thought that Georgis is going of his own accord and that he will soon resurface in a larger role.
Georgis’ departure follows that of Christophe Gau, Morgan Stanley’s head of illiquids. It also follows various other post-bonus exits from Morgan Stanley’s credit trading team, run by Rehan Latif.
Morgan Stanley reported its first quarter results on Friday. Fixed income trading revenues at the bank were up 5% year-on-year. The bank said this was due to FX rather than credit trading, however.
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