Michael Grimes, a technology banker with Morgan Stanley (MS.N), is in talks to leave the bank for a position in U.S. President Donald Trump's administration, the Wall Street Journal reported on Wednesday, citing people familiar with the discussions.
It wasn't immediately clear what specific role Grimes is pursuing, the report said, but suggested that he may be working with the Department of Government Efficiency, or DOGE, an advisory group focused on implementing significant cuts to the U.S. government.
DOGE, led by Tesla (TSLA.O) CEO Elon Musk, has ambitious goals of dismantling entire federal agencies and cutting three-quarters of federal government jobs.
A few sources told the WSJ that Grimes' role in the administration could also be something more general.
Last November, Trump named Musk to the role aimed at creating a more efficient government, further boosting the influence of the world's richest man, who had donated millions to support Trump's election campaign.
Musk was supposed to co-lead the department with former Republican presidential candidate Vivek Ramaswamy, though the latter recently stepped down to campaign for elected office.
