Bloomberg News

Morgan Stanley Currency-Trading Head Stephen Mettler Leaves Bank

January 26, 2012

Jan. 26 (Bloomberg) -- Stephen Mettler, who oversaw Morgan Stanley’s interest rates and foreign-exchange trading businesses, has left the bank.

Mettler, who joined the firm in 1997, retired, according to an internal memo obtained by Bloomberg News. Mary Claire Delaney, a spokeswoman for the New York-based company that owns the world’s largest brokerage, confirmed the memo’s contents.

Chief Executive Officer James Gorman, 53, said a year ago the firm needed to gain share in interest rates and foreign- exchange to turn around the fixed-income trading unit. The company had increased headcount by about 40 percent in foreign exchange and 20 percent in interest rates in 2010, Gorman said.

Chief Financial Officer Ruth Porat said last week that fourth-quarter revenue from foreign-exchange trading was up “significantly” from a year earlier, while down from the third quarter. Interest-rate trading revenue increased “modestly” from the third quarter and “materially” from a year earlier, she said.

Mettler held roles including global head of foreign- exchange options and head of global foreign exchange and emerging markets. In 2010, he took the position of head of macro, which involved overseeing interest rates and foreign exchange trading, and also oversaw the rates and currency parts of the bank’s emerging-markets group.

CNBC reported Mettler’s departure earlier today.

--Editors: William Ahearn, Rick Green

To contact the reporter on this story: Michael J. Moore in New York at

To contact the editor responsible for this story: David Scheer at

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