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Morgan Stanley's cuts include the UK head of ECM

Details are emerging on Morgan Stanley's job cuts yesterday. They include the bank's UK head of equity capital markets (ECM).

Sources say that Angus Millar, the head of UK ECM, was among those let go in London.

Morgan Stanley declined to comment.

Millar who is aged around 40 joined Morgan Stanley in 2009 after working for Lehman Brothers and then Nomura. Named a rising star by Financial News in 2021, he was promoted to managing director in 2019 and worked on IPOs including Trustpilot and Dr Martens.

Instagram site Litquidity said yesterday that 70 bankers were cut in London, including 10 MDs and that five people were cut in London ECM. Those cuts were said to follow another five made at the end of last year.

Revenues in Morgan Stanley's ECM business fell 22% year-on-year in the first quarter.

People let go at Morgan Stanley yesterday will continue to work for the bank for at least three months under the terms of their notice periods. They may find new jobs internally during this time.

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AUTHORSarah Butcher Global Editor

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