Morgan Stanley's fixed income layoffs have come early. The US investment bank was supposed to be starting its clear-out of 25% of its fixed income sales and trading business next week. Instead, it started yesterday.
London-based headhunters say most of the redundancies so far are at managing director (MD) level and above. Exits are said to include Isabel Mahony, co-head of investment grade trading, Kay Haigh, global head of emerging markets, Oliver Jerome, a managing director and head of emerging markets FX in Europe, Adam Clary, head of European credit sales to real money investors, Thomas Moore, head of desk research for investment-grade and high-yield credit, and Kevin Edwards, an investment grade corporates trader.
Morgan Stanley isn't commenting on the layoffs. Neither Mahony nor Edwards were at their desks when we called and Bloomberg reported the departures of Haigh and Jerome earlier this morning.
Strangely, some of those who are now said to be surplus to requirement had only recently been hired or made MDs. Morgan Stanley recruited Haigh from hedge fund Avantium Investment Management in February, Clary was promoted to MD in January 2015 and Mahony was promoted to managing director in January 2014. Moore had worked for Morgan Stanley since 2004 and was promoted to MD in 2012.
Times change fast when you work in fixed income.