Morgan Stanley has poached a senior managing director from Barclays’ US operations to lead a new investment banking division in London focused on the business services sector.
Dana Weinstein joined Morgan Stanley last week as managing director and head of business services EMEA, a new investment banking division for the firm in the region that will focus on deals in industries such as catering, security, engineering and facilities management. It seems likely that the creation of a new investment banking division will result in jobs further down the ranks, but it’s not yet clear whether Weinstein will look to build the team in London.
She will be part of Morgan Stanley’s global services division. Michael Wang, a spokesperson for Morgan Stanley, confirmed the appointment.
Weinstein is the latest senior banker in Barclays’ US operation to leave the bank in the wake of its strategy review that will see it pull away from certain investment banking divisions. Weinstein works in the sort of area in which Barclays is still working hard to retain people – namely, an advisory function where deep relationships are key, which is a new focus under career M&A banker Tom King who now leads its investment bank.
Skip McGee, the former head of Barclays’ investment banking division in the US, left in April, which sparked a string of other departures in the senior ranks including head of M&A, Paul Parker, and Michael Graf, head of US interest rates trading.
Weinstein had worked at Barclays for over six years, latterly as head of the business services sector, but had also previously worked at Lehman Brothers from 2005 before the UK bank acquired its North American business following its collapse in September 2008.
Before this, Weinstein spent two years as head of corporate development at Fresh Del Monte, the fruit and vegetable company.
However, the new position marks a return to Morgan Stanley for Weinstein, who initially joined as an associate in 1998 and eventually made it to executive director when she left in 2003 for Fresh Del Monte.
The recruitment of Weinstein into a senior investment banking position at Morgan Stanley also represents a boost for its diversity programme. Only 27% of people working in investment banking in the UK are female, according to analysis of the eFinancialCareers CV database, which comprises 1.2m resumes and senior women in front office positions are still all too rare.
Weinstein has a BA from Smith College and an MBA from New York Stern School of Business.
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