In an apparent sign that being fired for gross misconduct need not be the immediate end of your career, it appears that David Redmond, the Morgan Stanley trader feted for placing an order every eight seconds for two and a half hours following a liquid lunch, may have gone from Morgan Stanley to Barclays Capital.
Redmond was banned for two years yesterday by the FSA for trying to conceal his trades. However, he’s evidently a talented trader: he managed to trade out of his drunken positions the following day and make a small profit in the process.
The FSA Register shows Redmond leaving Morgan Stanley on March 3rd 2008. He was dismissed for gross misconduct.
There’s no FSA record of Redmond turning up at Barclays Capital. However, several headhunters assure us that did work at the UK bank. According to a source, he was there for several weeks, but left when it became clear that he could not get FSA clearance.
Barclays Capital declined to comment. Redmond is not listed on their switchboard.
Following yesterday’s ban, headhunters say his only option (for the next two years at least) is likely to be a prop trading house, where FSA registration isn’t necessary.