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Morgan Stanley's job cuts included a recently promoted MD in ECM

If you were promoted to managing director (MD) at an investment bank in the past two years, you might suppose that you'll be immune to this year's job cuts. Not necessarily. 

Last week's cuts at Morgan Stanley included Duncan Williamson, a London-based equity capital markets MD at the US bank.

Williamson, who joined Morgan Stanley from Investec in 2015, was promoted to managing director in January 2022. He described his role as, "advising corporates and sponsors on M&A, strategy and ECM activity."

Morgan Stanley declined to comment on Williamson's unexpected exit. Williamson didn't respond to a request to comment.

Morgan Stanley is cutting 3,000 people from across the bank. The cuts included Angus Millar, the head of UK ECM, and around 70 bankers in Europe, of whom around 10 were thought to be MDs.

Morgan Stanley's ECM revenues fell 22% year-on-year in the first quarter. 

While Morgan Stanley is cutting staff, including in fixed income, it's also quietly hiring. In London, it recently added Tyler Hambleton in FX sales from Credit Suisse, for example. 

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AUTHORSarah Butcher Global Editor
  • ph
    photobug56
    3 June 2023

    While there may be a good reason, either for that person or team, it does seem really nasty.

  • Do
    DoubtingThomas
    3 June 2023

    This chap is probably already suffering enough without having this article pointing out how precarious a career in the city can be. Could we not have some more articles on real demons that we can be outraged at?

  • RC
    RC56
    31 May 2023

    It just shows how dispensable, disposable and easily replaceable these people are. Hair tidily gelled and waxed and wearing an ultra expensive suit doesn't mean much when it comes to actually adding real value.

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