Morgan Stanley has reportedly hired former Bank of America banker Luigi Rizzo to strengthen its investment banking division for Europe, the Middle East and Africa (EMEA).
Rizzo will join Morgan Stanley’s vice chairman of investment banking for EMEA, Reuters reported quoting sources familiar with the development.
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In the new role, Rizzo will work to win new business and advise clients from a variety of industry verticals. He will be based in London and will directly report to Morgan Stanley’s head of investment banking Simon Smith.
Previously, 50-year old Italian worked at Bank of America’s European corporate and investment banking unit before leaving in 2019.
He started his career at Goldman Sachs and joined Bank of America in 2013.
In April, New York-based investment bank Morgan Stanley reported record net revenues and net income in Q1 2021.
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By GlobalDataThe bank registered net income of $4.12bn, or $2.19 a share, compared to $1.7bn, or $1.01 a share, in the prior year period.
Revenues also soared to $15.72bn from $9.78bn.
Recently, Morgan Stanley increased its stake in securities and fund management ventures in China.
It agreed to buy an additional 30% holding in its securities joint venture for $89.5m and secured a bid to purchase an additional 36% stake in the fund management venture with China Fortune for around $61m.
The move was part of its strategy to gain full control of the entities.
