Financial services major Goldman Sachs Group has hired Michael Wise from Morgan Stanley to run the company's equity capital-markets division, says a media report today.
Wise would succeed Stuart Bernstein, who is moving to Goldman's investment-banking group to head its clean technology and renewable-energy companies group, The Wall Street Journal reported citing an internal memo.
Wise would report to Stephen Pierce, who leads Goldman's equity capital markets group in the Americas, it added.
Besides, Wise is becoming a Goldman partner, meaning that he is among more than 400 employees, who can share in the New York firm's profits.
Wise who has spent 13 years at Morgan Stanley, where he mostly recently was the chairman of the New York company's equity capital-markets division and a co-head of equity capital markets in the Americas.
According to the publication, a Goldman spokesperson confirmed that the memo was sent to employees but declined to comment further.
The two companies are frequent rivals for the top spot in quarterly rankings of underwriters for initial public offerings and other equity sales.
During roughly the past year, Wise worked on large equity offerings from financial institutions, such as State Street Corp, Bank of New York Mellon Corp and Verisk Analytics Inc, a risk-assessment firm based in Jersey City, that went public last September.
