Morgan Stanley (NYSE: MS) has hired away Bank of America Corp (NYSE: BAC) executive Mitchell Nadel to head the company’s fixed-income trading operations in Japan, according to a report from Bloomberg News citing an obtained internal memo.
Mr. Nadle, age 39, formerly headed Japan and Australia rates and foreign-exchange trading at Bank of America Corp (NYSE: BAC). In his new role at Morgan Stanley (NYSE: MS), he will be a managing director and head of interest rates, credit and currency products trading in Japan. He also became a management committee member at Morgan Stanley MUFG Securities Co.
Morgan Stanley spokeswoman Mika Watanabe later confirmed the hiring to Bloomberg.
Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the Company operates as a global financial services company that provides its products and services to a diversified group of clients and customers, including corporations, governments, financial institutions and individuals. It operates through three business segments: Institutional Securities, Global Wealth Management Group and Asset Management. In May 2010, Invesco Ltd. acquired the Company’s retail asset management business. During the year ended December 31, 2009, it disposed its former real estate subsidiary, Crescent Real Estate Equities Limited Partnership. On May 31, 2009, the Company and Citigroup Inc. (Citi) consummated the combination of the Company’s Global Wealth Management Group and the businesses of Citi’s Smith Barney in the United States, Quilter in the United Kingdom and Smith Barney Australia. The combined businesses operate as Morgan Stanley Smith Barney Holdings LLC.
Shares of Morgan Stanley traded down 0.96% on Monday, hitting $24.79 during mid-day trading.
