It's not clear why Jennison chose Frankfurt for his new role. It's notable, however, that U.S. banks like Goldman Sachs seem to favour Frankfurt as the post-Brexit location for their trading activities. Maybe Jennison is hoping to make money advising them on the move? He likely has some experience of working with German clients after starting his Morgan Stanley career as a Pfandbrief trader.
Jennison is the second big exit from a U.S. bank in London to come to light this week. Guy Saidenberg, the London-based global head of Goldman Sachs sales strats and structuring, has also left - for retirement. More exits are likely in the coming month now that bonuses have been paid. Sales staff are more likely to go than traders - on the whole, headhunters say they've been less well rewarded across the market this year.