Morgan Stanley’s top investment banker in London is stepping down from the US firm after nearly 30 years.
Franck Petitgas, head of Morgan Stanley International and former head of investment banking globally, is retiring from the bank, according to a memo seen by Financial News.
His decision to leave was announced to staff internally on 21 November and he will remain at the bank as a senior adviser.
Petitgas’s departure is the latest senior change at Morgan Stanley, which has shaken up the top ranks of its investment bank in recent months.
“Over the past three decades, Franck has proven himself to be an enormously successful banker, leader and manager,” the memo from Morgan Stanley chief executive James Gorman and head of institutional securities Ted Pick said. “Key clients around Emea and the world note Franck’s intellect, wit and wisdom. In addition, he has identified and mentored a generation of banking and capital markets leaders at Morgan Stanley.”
Petitgas joined Morgan Stanley in 1993, making managing director four years later. He has led its capital markets business in Emea, investment banking in the region, and eventually co-headed its dealmaking unit globally before being named head of international.
His departure was first reported by the Financial Times.
In his new role, Petitgas will “continue to work with clients around the world and will continue to advise both of us and the leadership team of our international businesses”, the memo added.
READ Morgan Stanley names new head of European dealmaking
Simon Smith, who had led the bank’s investment banking operations in Emea for seven years, was promoted to global head of dealmaking alongside US-based Eli Gross in July.
As a result of the changes, Massimiliano Ruggieri, who had been running its Emea sponsors unit since 2018, was promoted to head of investment banking for Emea in September, and David Kitterick, a senior M&A banker at Morgan Stanley, was named deputy head of investment banking for Emea.
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