firings

Galen MarshIn that conversation, Mr. Marsh conceded he had accessed the client information but maintained that he hadn’t posted any of it online or intended to sell the data, the people said. Morgan Stanley security officials then escorted Mr. Marsh to his home, where they took a computer and storage devices that also held client data. The firm is still investigating how Mr. Marsh allegedly transferred the data to his personal devices, the people said…Mr. Marsh studied at Muhlenberg College, where he played lacrosse and met his wife. He joined Morgan Stanley as a sales assistant in 2008 after spending several months at John Paulson ’s hedge-fund firm and then Bear Stearns Cos., the investment bank that sold itself to J.P. Morgan Chase & Co. during the financial crisis. [WSJ, earlier]

Galen MarshGalen Marsh was once a Morgan Stanley employee, working in wealth management. He became an ex-Morgan Stanley just before the New Year, when the bank discovered that he’d helped himself to information on about 1,000 clients and maybe tried to sell said information online. How is Marsh feeling about the situation right about now? For one, he, via his lawyer, would like to note that despite the clients’ names and phone numbers ending up on a website called Pastebin, he never “tried to sell or post the information online.” He just stole it, okay? And two, he’s just as, if not more gutted over what happened than the victims of his alleged crime. Makes him sick to his stomach. Ill just thinking about it. In fact, you know what? Put him down as a victim, too. He’s pretty much heartbroken. Read more »

morganstanleyApparently this sort of thing is frowned on at the bank. Read more »

Right now we’re at a dozen (and counting). Read more »

Deutsche Bank, Europe’s biggest investment bank by revenue, will review whether to punish senior employees including Alan Cloete for their roles in the interest-rate rigging scandal, according to a person with knowledge of the matter. Deutsche Bank’s supervisory board will discuss punishments early in the week of Jan. 27, said the person, who asked not to be named as the meeting isn’t public. These include firing or disciplining Cloete — who oversaw traders alleged to have sought to rig benchmark rates — and employees responsible for how the bank dealt with the scandal, the person said. The potential sanctions follow a Jan. 5 report in Der Spiegel that German banking regulator Bafin told Deutsche Bank in August that its management and supervisory boards didn’t adequately investigate and address the alleged rate-rigging. The German news magazine didn’t say where it got the information. [Bloomberg]

  • 05 Dec 2012 at 4:26 PM

Jeffrey Gundlach Had A Little Party Last Night

December 7, 1941. November 22, 1963. December 4, 2009. All dates of such historical and cultural significance that if you asked someone where they were that day, they’d surely be able to tell you. Because they weren’t just any old days; they were moments when everything changed. The bombing of Pearl Harbor; the assassination of JFK; and, perhaps most importantly, the firing of Jeffrey Gundlach from the TWC Group, which had taken issue with his decision to start his own firm, and choose to express that anger by first escorting him out of the building and second raiding his offices, where they found an amount of adult films and sexual devices that suggested Gundlach was operating an online wholesale sex shop distributor and keeping the inventory at work. TCW also sued its former employee and at the time, rather than roll over and take it which is something he would never do, Gundlach vowed to fight back and clear up the misconception that TCW was the victim in the situation. On the contrary, JG told people, the real victim was US taxpayers who were “promised” Gundlach’s services and had to settled for a subpar bond manager when his relationship with the firm was terminated. Gundlach ultimately emerged victorious* and perhaps even more satisfying to The Pope was the number of TCW employees and clients who followed him en masse to his new company, the aptly named DoubleLine Capital. We’re not sure how you celebrated last night’s hugely significant anniversary, but we do know how Gundlach did: Read more »

Barclays has fired five employees following its internal investigation of the rigging of Libor interest rates and disciplined another eight people, the head of its investment bank said on Wednesday. Rich Ricci, chief executive of Barclays’ corporate and investment banking, said “a lot” of the individuals identified in its internal probe had left the bank so it could not take action against them. [Reuters]

1. Get over it. 2. Get over it. UK judges couldn’t give less of a fuck. Read more »