Update

William Jennings, who is co-head of North American fixed-income capital markets at Morgan Stanley, has been placed on leave of absence.

Sources said the bank is waiting to see how the matter is resolved before reinstating him.

Leo Civitillo, who holds dual titles as global co-head of derivatives and co-head of fixed income, is expected to be named the sole head of Morgan Stanley’s North American fixed-income business.

Original story

A 47-year-old New York City investment banker was arrested by police in Connecticut and charged with a hate crime after threatening and assaulting a New York City cab driver over a fare.

According to the police report, Darien resident William Bryan Jennings, of Knollwood Lane, was charged with second-degree assault, theft of services and second-degree intimidation based on race or bigotry.

The incident stems from a December 22, 2011 incident but Jennings was arrested on Wednesday.

The cab driver told police he had driven Jennings from NYC to his $3.6 million home in Darien around midnight in December 2011.

The driver said after he got to Jennings’ home the banker refused to fork over the $200 cab fare and began insulting him with racial slurs and threatening him.

After Jennings refused to pay the fare, the cabbie drove around town trying to find a police officer with Jennings in the back seat of his vehicle.

It is believed that sometime during the ride to locate a police officer the driver put his hand in the cab’s partition and Jennings, who works for Morgan Stanley, stabbed it with a pen knife.

Jennings, who did not file a police report at the time of the incident, said he was the victim because the cab driver kidnapped him.  He also claimed that the cab-driver wanted another $100 over the $200 cab fare.

Eugene Riccio, Jennings attorney said that his client stabbed the driver after he became fearful for his safety when the driver began running stop signs.  He said that his client accidentally stabbed the driver when the cabbie tried to take the knife away.

Jennings eventually jumped out of the cab when the driver stopped in front of the Darien Sport Shop near I-95.

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