Job Wrap: Mack Back at Morgan Stanley; Goldman Redundancies
John Mack was appointed chairman and chief executive officer of Morgan Stanley last week. He left the firm in 2001 after losing a power battle with outgoing chief executive Philip Purcell.
Separately, Goldman Sachs said it dismissed 30 equities and convertible bond traders and reassigned four others to sales positions. A spokesman for the firm said clients were asking for greater electronic trading access. The implications: human traders are less necessary than they used to be.
While Goldman was firing others were hiring in equities. UBS poached Tim Gee from Morgan Stanley as a managing director and head of program trading for the Americas.
Banc of America Securities hired Lei Zhong from Natexis Bleichroeder as a vice president and senior equity research analyst, covering the biotechnology sector.
Piper Jaffray was understood to hire two biotech analysts and five sales people from Nomura. A Nomura spokesman confirmed analysts Sam Fazelli and Julie Simmonds had left, along with a team of salespeople headed by Jonathan Gosling.
HSBC Securities hired two senior equity salespeople. Andrew Goss joined from Lehman Brothers as a managing director and head of European and hedge fund equity sales. Stephen Matthews joined from Banc of America Securities as a senior vice president and senior hedge fund salesman.
Commodities: SG hires six
SG Corporate & Investment Banking hired six senior natural gas and power traders to its U.S. commodity derivatives trading desk. Doug Gilbert-Smith and Andrew Lewis joined from UBS. John McPherson joined from Constellation Energy Group. John Protano joined from Merrill Lynch. Nick Bate joined from Gaselys and Kevin Lambert joined from PPM Energy. All are based in New York.
AIG Financial Products hired Matthew Schwab from Barclays Capital as a managing director in its investor coverage group. Schwab will focus on enhanced investment strategies in the commodities area.
Investment banking: Yates resigns prior to move
Philip Yates, who was to move to New York from London later this year to become global co-head of M&A at Merrill Lynch, resigned.
Banc of America Securities hired Scott Ullem from Goldman Sachs as managing director and head of Midwest industrials. Ullem is based in Chicago.
Deutsche Bank Securities hired John Calvert from Credit Suisse First Boston as a managing director in its large-cap investment banking coverage group.
Harris Nesbitt hired Christine Gallagher from CE Unterberg, Towbin in New York, as a managing director in its healthcare group.
Structuring: Deutsche hires two
Deutsche Bank Securities hired two for retail structuring. Christopher Yeagley joined from Merrill Lynch as a director and head of retail structuring within the global markets division. Scott Milner joined from ABN Amro as a vice president for retail structuring.
Fund management and private banking: DB Alex. Brown hires two MDs
Deutsche Bank Alex. Brown hired for its San Francisco and Los Angeles offices. Kyle Harrington joined from Wachovia Securities' Private Client Group as managing director and client advisor based in San Francisco. Christopher M. Frank joined from Bank of America as a managing director and client advisor based in Los Angeles.
Loren Starr resigned as CFO and senior vice president at Janus Capital Group, a Denver fund manager.