Deutsche Bank MD takes demotion, goes to Morgan Stanley
Demotions might not be common in the competitive and high-stakes world that is sales & trading, but there are some people that have not only been through the ordeal but survived it (as opposed to just retiring).
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Michael Weir, a corporate loan trader by… trade, spent a decade at Deutsche Bank in New York, first as a director and eventually as a Managing Director (MD). He left earlier this month for Morgan Stanley – but not as an MD, as he was at DB, but as an Executive Director (ED).
Morgan Stanley is a homecoming for Weir, who left the bank back in 2009 to join hedge fund Citadel. He was also an executive director the last time he was at Morgan Stanley. Time is a flat circle, it seems.
Weir is far from the only financier to be demoted out of his MD class. Credit Suisse’s Edmund Wong left the bank in Singapore to be an ED at JPMorgan, and recently left that post to be an ED at DBS. That being said, demotions aren’t common in the investment banking world unless you’re joining a big bank from a (much) smaller bank – and even then, they’re pretty rare.
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