Morgan Stanley MS tapped JP Morgan Chase & Co's JPM senior investment banker Marco Caggiano, who led the bank's North America mergers and acquisitions (M&A) business.
Caggiano, who spent 23 years at JPMorgan, will assume the role of Vice Chairman of M&A at Morgan Stanley, Reuters cites familiar sources.
John Collins, who previously served as the global head of healthcare investment banking, now leads Morgan Stanley's international M&A franchise.
Experienced dealmakers Tom Miles and Brian Healy lead the M&A franchise at Morgan Stanley in the Americas.
While at JPMorgan, Caggiano worked on notable transactions such as advising Twitter Inc on its $44 billion sale to Elon Musk, Take-Two Interactive Software, Inc TTWO on its $12.7 billion acquisition of Zynga, and Hasbro, Inc HAS on its board fight with hedge fund Alta Fox.
Before joining JPMorgan, Caggiano worked as a lawyer at Paul Hastings.
Caggiano was previously the co-head of North America M&A at JPMorgan, alongside Chris Roop, who left the firm last year to join Jefferies Financial Group Inc JEF
The financial industry has seen several high-profile bankers exiting firms like Goldman Sachs Group, Inc GS, Bank Of America Corp BAC, and Barclays PLC BCS to join competitors or smaller peers, reflecting a global slowdown in dealmaking and the need for cost-cutting measures in investment banking groups.
Price Action: MS shares traded higher by 0.34% at $83.68 premarket on the last check Tuesday.
Photo via Wikimedia Commons
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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