Morgan Stanley is moving New York precious metals trading to London, prompting Chris Jordan, executive director in charge of spot gold, to quit. Jordan had been offered a post in London under Ray Key, head of precious metals trading, insiders at the firm said, but he turned it down. Jordan is expected to join JP Morgan Chase next month in a similar capacity.

The fate of the remaining gold traders is being discussed, an insider said. Traders on the desk declined to comment. Ben Cross, managing director in charge of metals trading at Morgan Stanley in New York, did not return calls.

Morgan's primary precious metals operation is in London. No other commodities ops are moving. A JP Morgan Chase spokesman declined to comment.

Morgan Stanley's gold team ranked near the top of the Risk ratings a year ago but didn't show up in this year's rankings.