Morgan Stanley merges fixed income

The restructure, announced last Monday (January 14), sees the US bank combine its interest rates and currencies, securitised products and corporate credit business into one unit, known as interest rates, credit and currencies (IRCC).

The new unit is being headed by London-based Roberto Hoornweg, formerly global head of interest rates and currencies. Armins Rusis, formerly head of European credit in London, has been promoted to head of European and US credit, while New York head of securitised