Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Top Morgan Stanley Commodities Bankers Leave After Rules Breach

Published 20/10/2020, 12:24
Updated 20/10/2020, 12:45
© Bloomberg. A sign sits on the Morgan Stanley U.K. headquarters in the Canary Wharf, business, financial and shopping district of London, U.K., on Friday, Sept. 18, 2020. After a pause during lockdown, lenders from Citigroup Inc. to HSBC Holdings Plc have restarted cuts, taking gross losses announced this year to a combined 63,785 jobs, according to a Bloomberg analysis of filings. Photographer: Simon Dawson/Bloomberg

© Bloomberg. A sign sits on the Morgan Stanley U.K. headquarters in the Canary Wharf, business, financial and shopping district of London, U.K., on Friday, Sept. 18, 2020. After a pause during lockdown, lenders from Citigroup Inc. to HSBC Holdings Plc have restarted cuts, taking gross losses announced this year to a combined 63,785 jobs, according to a Bloomberg analysis of filings. Photographer: Simon Dawson/Bloomberg

(Bloomberg) -- The two most senior commodities executives at Morgan Stanley (NYSE:MS) are leaving the bank after compliance breaches linked to the use of communications tools, according to two people familiar with the matter.

Nancy King, global head of commodities, and Jay Rubenstein, head of commodities trading, are leaving, the people said, asking not to be named discussing internal matters. Morgan Stanley declined to comment.

The bank is one of the biggest commodities dealers on Wall Street alongside Goldman Sachs Group Inc (NYSE:GS)., JPMorgan Chase (NYSE:JPM) & Co. and Citigroup Inc (NYSE:C).

The veteran executives’ departures come after the bank discovered the use of unauthorized electronic means of communication. It didn’t find any wrongdoing, but the use of those communication channels went against policy, the people said.

King and Rubenstein didn’t immediately respond to messages seeking comment.

King joined Morgan Stanley 34 years ago, trading oil and rising through the commodities division to become the most senior woman in the business on Wall Street. Rubenstein, who many considered her likely successor, joined in 2007 to trade power and later became head of power and gas, according to their LinkedIn (NYSE:LNKD) profiles.

SparkSpread first reported the departures.

©2020 Bloomberg L.P.

© Bloomberg. A sign sits on the Morgan Stanley U.K. headquarters in the Canary Wharf, business, financial and shopping district of London, U.K., on Friday, Sept. 18, 2020. After a pause during lockdown, lenders from Citigroup Inc. to HSBC Holdings Plc have restarted cuts, taking gross losses announced this year to a combined 63,785 jobs, according to a Bloomberg analysis of filings. Photographer: Simon Dawson/Bloomberg

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.