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Morgan Stanley accused of duping ECB by creating token job title

Bank’s ‘head of loan trading’ told court he was instructed not to use his title as it only ‘existed on paper’

A senior banker has alleged that Morgan Stanley manufactured his job title to dupe European regulators into believing the bank had moved top staff to Frankfurt to comply with post-Brexit rules.

The banker joined Morgan Stanley in Frankfurt in April 2021 on a salary of €375,000 plus bonus. He was made an executive director, the rank below managing director, and formally given the title of “head of loan trading”.

But the banker told a Frankfurt court, which was hearing an appeal about his dismissal from Morgan Stanley, that he was instructed by an executive early on not to actively use that title.

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