Revenge is a dish best served cold.
Bloomberg News reports that Paul Taubman oversaw investment banking at Morgan Stanley before departing this year after 27 years at the firm.
His exit followed three years of dual leadership of Morgan Stanley’s investment bank with longtime competitor Colm Kelleher, who became sole head.
The two clashed over how aggressively to pursue additional business with clients whom the bank was assisting with capital-markets deals, people familiar with the matter said last year. It was a tough battle, and Taubman walked in the end.
But Taubman, who was working independently with New York-based Guggenheim Partners, has landed a key role advising Verizon on its $130bn purchase of Vodafone Group’s 45% stake in their wireless joint venture - one of the biggest M&A deals in corporate history.
Andrew Decker, Alan Schwartz and Jim Ferency led the advisory team at Guggenheim, said a person with knowledge of the negotiations.
Morgan Stanley was one of a number of firms who advised Verizon and co-arranged the financing for the deal. The major kudos, however, goes to Taubman.