Vice President Kim Seok-bong of Citigroup Global Markets Securities is moving to head the Morgan Stanley investment banking (IB) unit.
On the 3rd, according to the investment banking (IB) industry and others, Vice President Kim decided to move as chairman and co-head of Korea Investment banking at Morgan Stanley.
Vice President Kim recently decided to switch to Morgan Stanley and is said to have expressed an intention to resign to Citigroup Securities. He is reportedly set to start at Morgan Stanley in December.
Vice President Kim is cited as an IB expert who led the Citigroup Global Markets Securities IB unit for about 20 years. He also recently led the SK hynix American depository receipts (ADR) listing.
Meanwhile, the Morgan Stanley Seoul office IB unit is expected to shift from a sole representation system under Kim Se-won at the end of this year to a co-representative system under Kim Se-won and Kim Seok-bong.