A quartet of equity derivatives staff have left Morgan Stanley in New York over the last few weeks: a move that some in the market have attributed to disappointment with bonuses. "Morale in [Morgan Stanley's] equity derivatives [group] is very low," said one headhunter. A Morgan Stanley insider countered that bonus payouts at the firm were in line with other houses on Wall Street and that the number of departures are insignificant. Melissa Stonberg, spokeswoman at Morgan Stanley in New York, declined comment.
Two recent departures, Steve Moses, executive director in equity derivatives sales, and Tom Kenny, v.p. in equity derivatives trading, have taken similar positions at Banc of America Securities in New York. Neither responded to messages. Tara Burke, spokeswoman at BofA, confirmed the hires but declined further comment.
Meanwhile Jordi Visser, managing director and head of hedge fund sales for Morgan Stanley's equity derivatives group, has quit the firm, said officials. Visser is reportedly considering starting a hedge fund, they added. Visser did not return calls. Visser worked in the firm's index options trading group before moving into a sales role last April (DW, 4/25).
In addition, Mark Cone, a single stock option trader on the firm's proprietary trading desk, has also departed. Cone did not return calls.
