By Svea Herbst-Bayliss and Anirban Sen
(Reuters) -Morgan Stanley has hired senior investment banker Marco Caggiano from JPMorgan Chase & Co (NYSE:JPM), where he led the bank's North America mergers and acquisitions (M&A) business, people familiar with the matter said on Monday.
Caggiano, a veteran investment banker who spent 23 years with JPMorgan, will join Morgan Stanley (NYSE:MS) as vice chairman of M&A, the sources said. JPMorgan has not yet named a replacement for Caggiano, the sources said.
The sources requested anonymity because the matter is confidential. JPMorgan and Morgan Stanley declined to comment.
Morgan Stanley's global M&A franchise is currently led by John Collins, who previously served as global head of healthcare investment banking at the bank. In the Americas, Morgan Stanley's M&A franchise is led by veteran dealmakers Tom Miles and Brian Healy.
At JPMorgan, Caggiano had worked on several high-profile situations, including advising Twitter Inc (NYSE:TWTR) on its $44 billion sale to Elon Musk, Take Two on its $12.7 billion acquisition of mobile video game maker Zynga (NASDAQ:ZNGA), and toy maker Hasbro Inc (NASDAQ:HAS) on its board fight with hedge fund Alta Fox.
Caggiano trained as a lawyer and worked at Paul Hastings before he joined JPMorgan. He was co-head of North America M&A before Chris Roop, the other co-head, exited JPMorgan last year to join Jefferies Financial Group Inc.
Several top bankers have recently left firms such as Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC) and Barclays (LON:BARC) to either join direct competitors or smaller peers, amid a global slowdown in dealmaking that has forced top Wall Street banks to trim their investment banking groups and accelerate other cost-cutting moves.