Tim Jennison has left Morgan Stanley after 17 years. He's not going to a rival bank. He's not retiring to his native America. He's going to become a strategy consultant- in Frankfurt.
It's all a bit of a change for a man who joined Morgan Stanley seven years after leaving university in 1991 and has stayed there ever since. In his last role, Jennison was head of EMEA credit sales and head of EMEA bank solutions. He survived Morgan Stanley's paring back of its fixed income sales and trading business in late 2015 and he participated in last year's 220% increase in fixed income sales and trading revenues. Now, he's decided upon a change.
It's not clear why Jennison chose Frankfurt for his new role. It's notable, however, that U.S. banks like Goldman Sachs seem to favour Frankfurt as the post-Brexit location for their trading activities. Maybe Jennison is hoping to make money advising them on the move? He likely has some experience of working with German clients after starting his Morgan Stanley career as a Pfandbrief trader.
Jennison is the second big exit from a U.S. bank in London to come to light this week. Guy Saidenberg, the London-based global head of Goldman Sachs sales strats and structuring, has also left - for retirement. More exits are likely in the coming month now that bonuses have been paid. Sales staff are more likely to go than traders - on the whole, headhunters say they've been less well rewarded across the market this year.