World News

Morgan Stanley overhauls leadership at FX options unit: Bloomberg

(Reuters) – Morgan Stanley <MS.N> has promoted Alex Silverman and Roland Jeurissen to co-head its FX options unit, which is the target of an internal probe, Bloomberg reported on Friday, citing people familiar with the matter.

The business was being headed by Thiago Melzer, a senior Morgan Stanley trader, who has been linked to an internal review of trading practices at the division, the report said.

The bank lost about $100 million in the third quarter on FX options linked to currencies in Central and Eastern Europe, the Middle East and Africa, and another $70 million in the final period, the report added.

Morgan Stanley did not immediately respond to Reuters request for comment.

(Reporting by Abhishek Manikandan in Bengaluru; Editing by Vinay Dwivedi)