Morgan Stanley Traders Chris Rivelli and Ben Levine, have opted to leave the bank – and their bonuses – behind and join major hedge fund firms, Millennium Management and Citadel respectively, according to a report by eFinancial careers.

Rivelli, Head of EMEA FX Derivatives and Global Exotics Trading at Morgan Stanley in London, is joining Millennium as a Macro Portfolio Manager in firm's office in St, Helier, Jersey.

Levine meanwhile, a managing director in Morgan Stanley's New York derivatives structuring team, will lead Citadel's hedge fund risk transfer solutions team in New York.

Both switches come after Morgan Stanley announced it was axing 3,000 jobs in May, although neither move is thought to be as result of those cuts, according to Financial Careers.