The Rise of Credit Trading at Morgan Stanley: A Look into the Future
The undisputed stars at Morgan Stanley last year were in its equities division, where CEO Ted Pick made his name. FICC underwhelmed, but things appear to be changing in 2026. It’s now hiring a senior Paris trader to continue that momentum.
Jeremie Ouaki joined Morgan Stanley as its head of Continental Europe credit trading. He spent the last 20 years with French bank SocGen; he was most recently an MD and global co-head of credit trading, but also previously served as head of fixed income index trading.
The Shift in FICC Division
Revenues in Morgan Stanley’s FICC division were up just 3.5% last year, an increase well below the other major US banks. Market intelligence firm Tricumen suggests the opposite was true in Q1 2026; Morgan Stanley was the best performing US bank for global credit trading, and one of just two firms to receive a ‘green arrow’ in that sector alongside BNP Paribas. In contrast, the bank’s equities division underperformed its rivals.
The Bright Side for Credit Traders
It’s a good time to be a credit trader regardless of whether you work at Morgan Stanley. Our compensation report found that bonuses for credit traders were up 28.3%, more than any other division. The experience is not universally positive though; Morgan Stanley is thought to have made cuts to a small team of European credit default swap traders in March.
Morgan Stanley did not respond to a request for comment.
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The Future of Credit Trading at Morgan Stanley
With the recent hire of Jeremie Ouaki as the head of Continental Europe credit trading, Morgan Stanley is poised to strengthen its position in the global credit trading market. Ouaki’s extensive experience and track record in the industry make him a valuable addition to the team.
As the financial landscape continues to evolve, the demand for skilled credit traders is on the rise. Morgan Stanley’s focus on enhancing its credit trading capabilities reflects the shifting priorities within the industry. The positive performance in Q1 2026 indicates a promising future for the FICC division at the bank.
Conclusion
In conclusion, the rise of credit trading at Morgan Stanley signals a new chapter in the bank’s growth and development. With a strategic focus on strengthening its FICC division and investing in top talent like Jeremie Ouaki, the future looks bright for the bank’s credit trading operations.
