Departures continue at Morgan Stanley, apparently. Michael Dubeck, co-head of the bank's residential fixed-income unit left the bank recently, according to market sources. Sources said Bruce Witherell, managing director and co-head of the U.S. residential mortgage business remained at the bank. Morgan Stanley refused to comment on the situation.

Marc Michallet, head of the financial solutions group for Europe at Dresdner Kleinwort, has left the bank. It is understood that Michallet, who was based in London, left last weekend. Michallet joined Dresdner in June 2006 from CIBC World Markets, where he had been co-head of sales for Europe and head of structured credit origination for Europe and Asia. He was hired to manage the German bank's financial solutions group in Europe, which focuses on structuring and marketing derivatives-based deals for clients. Dresdner Kleinwort declined to comment.

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