NEW YORK (Reuters) - Morgan Stanley has named Ed Bayliss and John Gally to lead corporate trading in North America, which includes investment-grade, high-yield, index and leveraged loan trading, according to an internal memo.
A Morgan Stanley spokesperson confirmed the contents of the memo to Thomson Reuters LPC and declined further comment.
“Both Ed and John have proven themselves to be market leaders in their crafts and will put our franchise in the best position to thrive going forward,” Pat Haskell, head of North America credit complex trading, which includes credit, securitized products and munis, wrote in the memo.
Loan trading volume fell to US$628bn in 2015 compared to US$647.3bn in 2014, according to Markit data. The average daily trading volume for US high-yield bonds was US$10.5bn during the last three months of 2015, according to the Securities Industry and Financial Markets Association (SIFMA) data.
The moves are the latest in a series of personnel shuffles in the bank’s trading division as the firm reshapes the unit.
In February, Steve Zamsky, who previously headed credit at the Wall Street firm, became the chief operating officer of fixed income globally, replacing Steve D’Antonio.
Other moves included Jakob Horder, who became head of European fixed income and commodities, and Senad Prusac who took on a new role as global head of macro trading, and added rates to his responsibility.
Morgan Stanley said late last year it was cutting 25 percent of its fixed-income jobs because increased regulation made trading bonds less profitable for Wall Street firms. In January, it promoted former equities executive Sam Kellie-Smith to run fixed income.
Reporting by Kristen Haunss and Olivia Oran; editing By Jon Methven