(Bloomberg) -- Michael Gapen, the head of US economics at Bank of America Corp., is departing the bank to take a similar role at Morgan Stanley.
Gapen will start at Morgan Stanley as chief US economist in late November, according to an internal memo reviewed by Bloomberg News. He will replace Ellen Zentner, who left her post this month to lead a newly created team within the bank’s wealth management business.
“In this seat, Mike will be responsible for developing the firm’s outlook on the US economy,” Seth Carpenter, Morgan Stanley’s chief global economist, said in the memo circulated Wednesday. “That view plays a critical role in helping our clients and internal stakeholders as they seek to deploy capital around the world.”
Gapen joined Bank of America in 2022 from Barclays Plc, where he held a similar position. Earlier in his career, he was an economist at the Federal Reserve and the International Monetary Fund. He’s also taught economics and finance at the University of Notre Dame, Johns Hopkins University and his alma mater, Indiana University.
Gapen didn’t respond to a request for comment. Bank of America spokesperson Melissa Anchan confirmed his departure and said senior economist Aditya Bhave will assume his responsibilities as interim head of US economics.
--With assistance from Christopher Condon.
(Updates with interim replacement in final paragraph.)
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