Morgan Stanley (NYSE:MS) Hires Gary Shedlin Away from Citigroup (NYSE:C)

Morgan Stanley (NYSE:MS) has reportedly hired Gary Shedlin, the chairman of Citigroup’s (NYSE:C) investment banking Financial Institutions Group.

A spokeswoman for Morgan Stanley said the role of Shedlin at the company will be as vice president in their financial institutions department. Shedlin’s position at Morgan Stanley is a new one at the company.

Shedlin, who also used to work for Lazard, before Citigroup, had major contributions to the deals involving BalckRock Inc (NYSE:BLK) when acquiring the Merrill Lynch Investment Management and the asset management division of Barclays (LON:BARC).

Other notable contributions Shedlin has made are while at Lazard, he worked with Gary Parr on the deal to merge J.P. Morgan with Bank One Corp. of Chicago. At that time Jamie Dimon was the CEO of Bank One Corp., and eventually stepped up as CEO of the merged bank after the deal closed.

Shedlin also had a major role in the deal where Euronext NV was acquired by NYSE Group, which helped form the first transatlantic securities market.

Shedlin is considered one of the top men in his field, and Morgan Stanley will benefit from this coup of drawing him away from Citigroup.

Citigroup won’t publicly admit it, but this one will sting them over the long term.