Euro Zone financial news

MOVES Morgan Stanley hires ex BofA banker Rizzo to drive European consumer push – sources

An indication is displayed on the Morgan Stanley constructing in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

Morgan Stanley (MS.N) has employed former Financial institution of America (BAC.N) banker Luigi Rizzo for a brand new client-facing position overseeing a drive to win enterprise from a large spectrum of firms throughout Europe, the Center East and Africa (EMEA), sources acquainted with the transfer advised Reuters.

Rizzo, who was on the helm of Financial institution of America’s European company and funding banking and stop in late 2019, will turn into Morgan Stanley’s vice chairman of funding banking for EMEA, the sources stated, talking on situation of anonymity.

Morgan Stanley was not instantly out there for remark.

A seasoned dealmaker who began his profession at Goldman Sachs (GS.N) in 1993, Rizzo rose via the ranks, changing into a accomplice in 2008 and dealing carefully with a few of Europe’s most distinguished dealmakers together with Diego De Giorgi, now co-CEO at Pegasus Europe.

In 2013 he joined Financial institution of America to tackle prime jobs in each M&A and funding banking for the EMEA area, and moved to Paris after the Brexit referendum to supervise the financial institution’s rollout throughout the EU.

In his new position he’ll advise shoppers, together with client and retail firms, monetary establishments and TMT (telecoms, media and know-how) conglomerates of their efforts to pursue strategic combos that would velocity up their post-COVID restoration.

The 50-year outdated Italian, who can be a lecturer at varied enterprise faculties together with Solvay Brussels Faculty of Economics and Administration, the place he graduated, might be primarily based in London and report back to Morgan Stanley’s head of funding banking Simon Smith.

His appointment comes as Morgan Stanley – which ranked second after Goldman Sachs in Refinitiv’s world M&A league desk final yr – goals to make the most of a rebounding M&A market, with an general $2.4 trillion price of M&A offers introduced globally through the first 5 months of 2021.

In Could alone world dealmaking volumes hit a month-to-month file of $532.9 billion.

Our Requirements: The Thomson Reuters Belief Ideas.

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