Morgan Stanley hires man who left bank paying zero bonuses
Last year, Berenberg slashed bonuses and cut staff. This year, some of those people are turning up in new and bigger roles.
Ross Law, an executive director, left the privately owned German bank last year following a round of cuts and news that it would be 'right-sizing' its cost base. He's now turned up at Morgan Stanley in London instead.
Law was Berenberg’s head of aerospace and defence equity research. He's just joined Morgan Stanley in a similar role as head of aerospace and defence research for Europe only. He was with Berenberg since 2014 and is based in London.
Morgan Stanley is strengthening its equity research team and Law isn't its only recent hire. Earlier this month, it recruited Patrick Wood from BofA in London for US medical technology equity research. The US bank is a rare beacon of light in an otherwise quiet equity research hiring market, which is sloshing around not only with people who've left Berenberg but exits from Credit Suisse too.
Berenberg’s bankers were the least optimistic in our survey last year. Headhunters said staff in London were warned that the bonus pool was greatly diminished.
Berenberg, which was founded in 1590, is still owned primarily by the Berenberg-Gossler family.
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