Morgan Stanley has hired back Michael Dillon as a corporate bond salesman. Dillon had left the firm roughly six months ago to take a trading position at Goldman Sachs. He had traded intermediate corporate bonds for about 10 years at Morgan Stanley before moving to Goldman. Dillon declined to comment. Dillon reports to Tom Driscoll, head of investment-grade credit sales at Morgan Stanley.
Observers in and out of the firm say Dillon was a strong asset to the trading floor at Morgan Stanley and had excellent salesmanship and great relationships with his clients, which is considered more of an old-school style of trading.
Trading officials at Morgan Stanley say Dillon returned as part of a career switch to the sales side, which he had been considering for years.
Paul Huchro, head of investment-grade trading at Goldman, declined to comment. Ed Canaday, a spokesman at Goldman, confirmed Dillon's departure but declined further comment. Dillon has worked in the corporate bond world since the late 1980s, first at the former Salomon Brothers and then J.P. Morgan Securities before Morgan Stanley.
