Morgan Stanley has just hired a managing director from Credit Suisse as it become the latest bank to beef up its corporate derivatives.
The U.S. bank poached Michelle Wang, who spent 12 years at Credit Suisse in the debt capital markets and derivatives solutions team, according to her LinkedIn profile.
Wang is currently on gardening leave. At Morgan Stanley she will report to Damien Matthews, co-head of fixed income capital markets for the Americas. She's the second MD-level hire Morgan Stanley made in this group in the last couple of months after recruiting derivatives specialist Sachin Bathia in London from PMC Treasury in September.
Morgan Stanley didn't respond to a request to comment on Wang's appointment. If you work in corporate derivatives, 2019 has been a good time to make a move. Banks have been engaged in a war for talent this year as they look to build up their foreign exchange and rates offerings to corporate clients.
The hiring spree, which is continuing into year end, began in July when BNP Paribas poached Scott Sinawi from RBC as head of corporate sales. Demand is said to be particularly hot for junior structuring talent and what’s striking about this build-up is that in many cases it is foreign banks that are leading the charge. Standard Chartered, Bank of China, Scotia, TD and SocGen have all hired juniors in the U.S. over the last six months. In August Japan’s MUFG recruited David Pasteur from Bank of America as US head of corporate sales, while rival Sumitomo hired former RBC veteran Andy Fately.
“Every day associates and VPs are moving from one firm to another,” said one headhunter. It helps that corporate clients generate fee-driven business with decent margins in a world where banks are focused on returns on capital deployed.
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