MS commodities boss goes amid shake-up

摘要

Morgan Stanley global commodities group co-head Peter Sherk is departing the firm, leaving Nancy King as sole head of the business, the bank said in a memo. Morgan Stanley's commodities chief operating officer Martin Mitchell is also leaving, according to a person familiar with the matter. The departures of Sherk and Mitchell come as Morgan Stanley moves away from riskier parts of the commodities business, such as owning and storing oil. Post-crisis regulations and a desire to take less risk have shifted the bank's commodities operation into a more traditional trading business in which the bank stands between buyers and sellers. It is also lending to energy companies and issuing derivatives that allow clients to hedge market risk.