Bloomberg News

Morgan Stanley Credit Trader Adam Jones Said to Leave

July 11, 2012

Morgan Stanley Credit-Derivative Trader

Signage for Morgan Stanley is displayed at the company's headquarters in New York, U.S. Photographer: Victor J. Blue/Bloomberg

Morgan Stanley (MS:US) senior credit- derivatives trader Adam Jones left the bank amid reductions in his division, said people briefed on the decision.

Jones, a managing director at the bank, was the lead trader for single-name correlation products, said one of the people, who requested anonymity because the move wasn’t public. Jones didn’t return a call to his mobile phone seeking comment.

Chief Financial Officer Ruth Porat, 54, said last year that the firm was planning to cut assets within correlation trading. Morgan Stanley, the sixth-largest U.S. bank by assets, is eliminating fewer than 100 jobs as Europe’s sovereign-debt crisis crimps trading and deal volume, people briefed on the plans said this week.

Colm Kelleher, 55, who runs the New York-based company’s trading business, said in December that much of what was called correlation trading has disappeared and the bank was focused on moving people to other units.

To contact the reporters on this story: Michael J. Moore in New York at mmoore55@bloomberg.net; Stephanie Ruhle in New York at sruhle2@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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