Last week Philip Purcell, chief executive of Morgan Stanley, said he would retire before the firm's next annual meeting in March 2006. His announcement followed months of pressure from shareholders and the departure of several senior bankers.
In a less monumental move, Citigroup hired Lewis Kaden from law firm Davis Polk & Wardwell as vice chairman and chief administrative officer.
Equities: Wachovia reveals Morgan Stanley hires
In the flipside of the Morgan Stanley saga, Wachovia Securities announced the names of the nine people from Morgan Stanley, including three managing directors and six others, that it hired for its equity division. The managing director hires were Ajay Khanna, Richard P. Sandulli and Richard P. Silva. Don Brudie, George George, David Haynes, Meghan Maloney, Scott Miller and William Threadgill also joined.
Banc of America Securities (BAS) hired two for its equity research team. David S. Strasser joined from Moda Partners as a managing director and a senior equity research analyst covering the hardlines retail sector. Christopher T. Schott joined from Credit Suisse First Boston as a vice president and a senior equity research analyst covering the large cap pharmaceuticals sector.
Investment banking: Nomura hires for FIG; BNP Paribas hires for transportation
Douglas Kimmelman, former head of Goldman Sachs' U.S. utility investment banking operations, said he had left the bank to set up an investment fund in the energy and utilities sector.
Nomura Securities International hired Jack Leventhal from Deloitte & Touche corporate finance as a managing director and head of U.S. financial institutions.
BNP Paribas hired Andrew Strait from JP Morgan as a managing director and transportation banker in its U.S. corporate coverage team.
Fixed income: Deutsche hires for MBS
Deutsche Bank hired Keeyeol Nam from RBS Greenwich Capital to its mortgage backed securities group.
Asset management: OppenheimerFunds poaches from Deutsche
OppenheimerFunds hired Michael Baldwin, global head of strategy and group architecture at Deutsche Bank as executive vice president and president of OppenheimerFunds Services.
J. & W. Seligman & Co. hired J. Eric Misenheimer from Northern Trust Global Investments as senior vice president and team leader for its high yield team.
Dan DeCanniere, U.S.-based chief executive of Hewitt Associates, resigned. No reason was given for his resignation.