(Corrects former job role of Franck Petitgas in final paragraph
to head of international investment banking from co-head of the
capital markets group)
LONDON Jan 29 Morgan Stanley's Peter
Bacon, one of the most senior financing bankers in Europe, has
left the U.S. bank to pursue other opportunities, according to
an internal company memo.
Bacon, who joined the bank in 2007, was head of the bank's
global capital markets group (GCM) in Europe, Middle East and
Africa. He was previously the bank's co-head of global leveraged
and acquisition finance business.
Prior to joining Morgan Stanley, Bacon led the financial
sponsor business in Europe for Credit Suisse from 2000
until 2006. He also worked at a hedge fund in 2006.
Bacon's departure was announced by the U.S. bank in an
internal memo, a source familiar with the matter said on
A spokeswoman for Morgan Stanley confirmed the contents of
Gene Martin, the bank's New-York based co-head of leveraged
finance and acquisition finance has also left, a second person
familiar with the matter said.
The bank is one of several Wall Street banks using layoffs
and compensation cuts to help boost its bottom line.
Morgan Stanley plans to slash 1,600 jobs globally, many of
whom work in its securities unit, sources told Reuters earlier
However, Bacon's resignation was not part of the bank's
redundancy programme, the source said, adding it had more to do
with some senior level changes in November last year.
The bank promoted several senior bankers to positions
overseeing mergers and acquisitions in the United States and
Europe, following a shake-up at the top level of that division
Franck Petitgas, who was head of international investment
banking, was promoted to global co-head of investment banking
along with Mark Eichorn.
(Reporting by Dinesh Nair, Lauren Tara LaCapra and Steve
Slater; Writing by Kylie MacLellan; Editing by Hans-Juergen
Peters and Anthony Barker)