Morgan Stanley's corporate bond sales group has seen a number of recent changes, according to firm officials. Steve Penwell, a managing director who became the firm's North American head of credit sales last year (BW, 1/27), has moved to a client marketing role at the firm. He did not return a call, and his exact duties could not be determined. Mike Donoghue, the head of cash sales, and Suzanne Cain, the head of derivatives sales, both of whom had reported to Penwell, are now reportedly New York co-heads of credit sales, effectively eliminating a layer of management, according to one of the firm officials. Calls to Penwell, Donoghue, Cain and Stefano Corsi, global head of fixed-income sales, were not returned.
Additionally, Andy Rankowitz, a senior salesman, has left Morgan Stanley to join Barclays Capital. Rankowitz could not be reached, and Walter Derish, head of sales at Barclays, did not return calls.