Interesting to see that Morgan Stanley, its FICC boss, being put in charge of the whole investment.
Interesting because some feel that the firm would do well to copy UBS and get out of fixed income, especially as it has more traction in M&A and equities.
But one banker told Here Is The City: 'This may be a smart move by (Morgan Stanley CEO) James Gorman. Who better than to dismantle the fixed income business than the fixed income King ?'.
In the meantime, Barclays new CEO Antony Jenkins seems to facing a dilemma. Does he, like some suggest, need to consider a UBS-style strategy shift, or should he take advantage of the turmoil firms like UBS are in and move to build up Barclays' fixed income businesses even further ?