Richard Kauffman, the former global head of equity capital markets at Morgan Stanley in London, is returning to New York to become co-head of the firm's banking group.

Kauffman's move comes in the wake of the recent creation at Morgan Stanley of a new division called global capital markets, which combined debt and equity capital markets and the leveraged finance group. The launch of the global capital markets division effectively made Kauffman's former role as head of equity capital markets redundant, but sees him return to a more client facing role. Jon Anda took over the management side of the equity capital markets division from Kauffman last year.