Morgan Stanley's other laid off leveraged finance bankers are thriving
As we reported earlier this week, Taif Adams, a former Morgan Stanley executive director in leveraged finance is suing the bank for allegedly unfairly dismissing her after she blew the whistle on compliance issues. Adams, who received a $350k bonus earlier this year, asked for her old job back while the case is settled. That's been refused by the court, but she could yet find an alternative role elsewhere.
Sources point out that other members of Morgan Stanley's leveraged finance team, who lost their jobs after Adams and who were allegedly treated less lavishly in the last bonus round, have found new jobs already.
Daniel Walther, a former analyst in the bank's special situations group, resurfaced at Citi in August. He's an investment analyst in the distressed credit and special situations team.
Patrick Punga, a fomer leveraged finance trader at Morgan Stanley in London, is now busy as a real estate investor in France and Germany.
Both Punga and Walther are said to have received diminutive payments for last year before being let go. Neither responded to a request to comment, and Morgan Stanley declined to comment for this article.
While Adams fights her corner, the implication is that there might be other jobs out there. However, she has a clear incentive to return to Morgan Stanley, where she was once a top performer and co-head of leveraged finance sales. Headhunters say that after a spurt of hiring earlier this year, leveraged finance recruitment has dropped off again.
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