Morgan Stanley rejigs after US rates losses

摘要

Morgan Stanley has appointed a new global head of macro trading after suffering heavy losses in its US interest-rate trading business earlier this year. Jakob Horder, formerly the bank's head of EMEA fixed income, took up the role in August, according to people familiar with the matter. Horder's appointment follows a difficult period for Morgan Stanley's US rates business, which suffered around US$150m in losses in the second quarter, according to people familiar with the matter. Those losses mainly came from its US interest-rate options book, those people said. A Morgan Stanley spokesman declined to comment on the losses.