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Late Lunchtime Links: Morgan Stanley proprietary traders regrouping in hedge fund

There have been more departures from Morgan Stanley. The US bank is said to have paid its people fairly badly for 2012 and had already lost its head of European capital markets and head of leveraged finance. Today, Bloomberg reports that two senior M&A bankers have also left the US bank. To add to the ignominy, it seems Morgan Stanley has been frozen out of the Dell buyout deal, despite being Dell’s favoured adviser in the past.

M&A bankers who leave Morgan Stanley may find new homes at Citigroup, which says it’s hiring M&A bankers. Traders who feel inclined to leave Morgan Stanley have another option: Financial News reports that PDT Partners, a hedge fund spun out of Morgan Stanley’s proprietary trading division, has opened offices in Hong Kong and London. In London it now employs six people, all of them ex-Morgan Stanley.

Meanwhile:

JPMorgan’s investment bankers were expecting a 10% pay cut, but received a cut of only 3%. (Bloomberg)  

“There is no European bank that has done as much and been rewarded as little as RBS for the efforts of its restructuring.” (IFRE) 

Vince Cable has reinvigorated his idea of  privatizing RBS by giving away shares to the public. (Financial Times)

John Hourican is leaving RBS and giving up a £4m bonus pot. (Telegraph) 

Government ‘figure’ says they may go after Hourican’s salary too. (The Times) 

“John slaved every day for this company. He is taking the fall. But he will leave with his head held high.” (Telegraph) 

Jim O’Neill is 55 and had been a partner at Goldman for 18 years. Now he’s leaving. (Financial Times) 

Sweden is pushing the EU to enforce tougher bonus rules. (Bloomberg) 

The credit trading business that UBS is getting rid of actually had a good 2012. (Quartz)

New York hedge fund manager upsets Swiss skiing village. (Skift) 

Big signatures are a bad sign. (The Atlantic)

 

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