Morgan Stanley risk MD finds new, colder, home

Morgan Stanley might have freed its compensation budget this year given that it hasn’t needed to pay $200m in severance like last year, but that doesn’t its managing directors (MDs) are sticking around.

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Lon O’Sullivan left the bank last weekend, having spent just shy of two decades with Morgan Stanley’s risk team across London and New York.

Most recently, he was global head of market risk for fixed income, investment management, wealth management and US banks, and was global head of market risk for private equity and investment management before that. O’Sullivan was part of the bank’s 2018 class of managing directors.

He joined TD Cowen last week to be head of market risk, as well as head of market and counterparty analytics for the Canadian bank, based out of New York.

Bringing on such a big name in risk is a conservative step for Toronto Dominion. The bank cut 250 of the 2,000 or so people it brought in with the Cowen acquisition, at a time when it’s actually enjoyed quite substantial increases in markets revenue.

It’s understood that O'Sullivan was not part of the recent round of jobs cut at the bank this year.

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