COO of Morgan Stanley’s Forex Division Resigns
Morgan Stanley’s Martine Bond has left her position as Chief Operating Officer of Foreign Exchange and Emerging Markets in favour of a new, as yet unnamed, role within State Street Corporation.
It’s understood that she has been placed on ‘gardening leave’ from her position at Morgan Stanley with immediate effect. Ms Bond made the transition from JP Morgan to Morgan Stanley in 2009, originally working as Global Head of FX Prime Brokerage before being promoted to the COO role managing Forex in March of 2011.
Martine Bond’s reputation at Morgan Stanley
Ms Bond developed a reputation for careful and diligent management of the Forex division and was seen as a ‘safe pair of hands’ at the helm. She had been a central figure in prioritising Foreign Exchange and Emerging Markets at the firm, and had recently spoken about her passion for ensuring that Forex remained central to Morgan Stanley’s business model.
It is not yet understood who will take over her role, and as yet there has been no comment from Morgan Stanley about a possible replacement. Uncertainty regarding her successor at the U.S. bank could prove damaging for market confidence in the firm may prove to be a set-back for their Forex department.
Unexpected resignation from the US bank
Traders will wait with baited breath to see further announcements from Morgan Stanley regarding Ms Bond’s heir and gauge how the department copes with this unexpected resignation. Change management will be crucial to ensure a smooth transition and maintaining investor confidence in the U.S. bank.