Investment bank staff shake up now spreads to Morgan Stanley

Tim Wallace
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JP MORGAN and Morgan Stanley both changed their top investment banking teams yesterday, while Goldman Sachs added a new director to its board.

Morgan Stanley’s Paul Taubman stood down, ending a two-year stint of co-heading the bank’s securities division.

Colm Kelleher, the other co-head, is staying in charge of the trading and banking unit.

And former Credit Suisse banker David Clarkson now heads JP Morgan’s prime brokerage unit in Europe, the Middle East and Africa.

He also used to work for Deutsche Bank, in equity swaps, and Arthur Henderson as a chartered accountant.

Meanwhile Goldman Sachs said Mark Tucker, the chief executive of AIA, would be joining its board as an independent director. It also revealed 30 partners have left since February, taking the total to 407. However, Goldman will announce new partners and managing directors later this month in its biennial appointments round, which will allow a fuller analysis of how the firm’s staff is changing.