Morgan Stanley hires crypto banker to head digital asset markets

01 Aug, 2018
by Richard Allen
Morgan Stanley hires crypto banker to head digital asset markets

Andrew Peel, 12-year veteran of Credit Suisse has been hired by Morgan Stanley to head the bank’s “digital asset markets,” BusinessInsider reports.

Peel formerly spent 12 years at Credit Suisse, most recently as a vice president of sales and trading innovation. According to his LinkedIn profile, during his time in that position, he was a "subject matter expert for bitcoin and cryptocurrency."

According to eFinancialCareers, Peel’s move comes at a time when Morgan Stanley CEO James Gorman has been somewhat more accepting of cryptocurrencies than some of his peers. Jamie Dimon, CEO of JPMorgan originally called bitcoin a fraud, but expressed regret over that comment in January of this year. Morgan Stanley began hiring crypto experts for its equity research unit in March.

The bank has yet to confirm exactly what Peel will do in his new role, so for the time being it is unclear whether the digital markets role is new or preexisting.

The ICO Journal reported in April that it was communicating with a source close to Morgan Stanley who said the bank was keen on launching a crypto trading desk, and that plans were firmly underway. Morgan Stanley already clears bitcoin futures for clients.

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