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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