FRANKFURT The head of Morgan Stanley's (MS.N) German unit is taking a leave of absence following an uproar over emails he reportedly exchanged with a regional politician.
"Dirk Notheis has informed the supervisory board that he will take a leave of absence," a Morgan Stanley spokeswoman said, adding that Notheis' responsibilities as country head for Germany and Austria would be taken over by supervisory board chairman Lutz Raettig with immediate effect.
Emails published in the German newspapers Frankfurter Allgemeine Zeitung and Handelsblatt in the past week suggest Notheis, one of Germany's best-connected dealmakers with close ties to Berlin, gave strategic advice to politicians in a way that has drawn sharp public criticism. The emails were not independently verified by Reuters.
Other members of Morgan Stanley's board would handle Notheis' responsibilities for day-to-day business, the spokeswoman said. (Reporting by Philipp Halstrick; Writing by Jonathan Gould; Editing by Noah Barkin)