European banks looking to expand in the US are snapping up executives from Morgan Stanley, the investment bank hit by senior departures in the wake of a management shake-up by Philip Purcell, chief executive.
Deutsche Bank, BNP Paribas, Barclays Capital and CSFB have all hired former Morgan Stanley executives in recent weeks.
BNP Paribas has hired Ronald Windisch, who had led the municipal derivatives group at Morgan Stanley since 1995, as head of its newly created municipal finance group. The French bank has also appointed Irene Rodriguez, formerly an executive director in the corporate derivatives group at Morgan Stanley; she will be a managing director and pension and insurance product manager in its debt capital markets business.
Deutsche Bank hired a team of eight from Morgan Stanley's US cash equities business last month.
Paul Bijleveld, former head of investment banking in the Netherlands for Morgan Stanley, has moved after seven years to join Barclays Capital in Amsterdam, where he will assume responsibility for the firm's Dutch investment banking business. Vikram Gandhi, co-head of the financial institutions group at Morgan Stanley, quit the bank last month to join rival CSFB.