Earlier this week Barclays Capital thought they had a new head of solution sales in Toyko but have had to admit that he has decided to stay with Dresdner Kleinwort Wasserstein. "Paul had agreed to join, but he has decided to stay with Dresdner," comments their spokeswoman.

Dresdner also confirms that Morgan is staying as the bank's head of fixed income sales for Asia.

Prior to Dresdner, Morgan had worked for BZW in London and Barclays in both Tokyo and Sydney.