What do you if you leave your fixed income sales or trading job at Morgan Stanley? You could always try getting another one at TD Securities. The Canadian bank is hiring in London, and it’s hiring from Morgan Stanley especially.
TD just picked up Robert Newman, a former Morgan Stanley VP in German fixed income sales. Newman joins at a similar level, starting around today.
Newman isn’t TD’s only ex-Morgan Stanley hire. It also picked up Andrew Rafter, a former Morgan Stanley trader for G10 rates trading. Rafter started in January.
Morgan Stanley isn’t TD’s only London hunting ground. In the past few months it’s also recruited Antoine Berger, an FX trader from DBS Securities and Sean Smith, an FX trader from HypoVereinsbank.
TD has 122 registered people in London according to the FCA Register. Even so, it’s not exactly huge. Revenues at TD’s UK business in 2016 (the last year for which they’re available) were just £3.9m ($5m) according to a filing with Companies House.
Why would anyone leave Morgan Stanley for a small Canadian bank? It’s not particularly clear. However, Morgan Stanley let go of people in January and it’s possible that Newman at least joined the Canadian bank after the three month notice period had elapsed.