Morgan Stanley Creates Global Capital Markets Group

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Byline: Shanny Basar

Morgan Stanley has become the latest bank to restructure its capital markets business by combining its debt, equity and leveraged finance departments into one unit in order to provide integrated services to clients.In April Dresdner Kleinwort Wasserstein (DrKW) created a single capital markets unit out of its existing debt and equity businesses into a single unit led by Andrew Pisker. Goldman Sachs is also investigating ways of combining the two units but has ruled out creating a single capital markets division. Bank of America is also planning to combine its equity and fixed-income research groups.

Morgan Stanley's new global capital markets (GCM) team will be led by Jon Anda, the former head of equity capital markets, and Walid Chammah, previously head of debt capital markets. A bank spokeswoman said the restructuring was not designed to lead to job losses.

In February Chammah turned down an offer by John Mack, chief executive of Credit Suisse First Boston (CSFB), to become co-head of investment banking at CSFB. Philip Purcell, chief executive of Morgan Stanley, joined Zoe Cruz, head of fixed income, in persuading Chammah to stay.

There is a series of other promotions related to the new structure. …