Top Firm Said To Be Culling Investment Banking Jobs

Morgan Stanley HQ

Morgan Stanley plans to trim about 15% of its investment banking positions in Asia as it starts a round of job cuts this week, two people with knowledge of the matter said.

Bloomberg reports that Asian Managing Directors Saul Raccah and Leon Guo are among investment bankers who will leave the New York-based firm, the people said, asking not to be identified because the matter is confidential. Xu Li, a Beijing-based spokeswoman, declined to comment.

The job cuts in Asia investment banking will be deeper than the 6% reduction to be made across the broader institutional securities group, which includes fixed-income and equity sales and trading, research and investment banking, one of the people said.

In the meantime, Reuters reports that Morgan Stanley is also trimming staff at its Dubai office, mainly by cutting jobs in its equities division, as part of a global plan to reduce costs, three sources aware of the matter said.

'The Dubai cuts are part of the bank's global plan. Obviously, the bank is trying to focus on growth opportunities in the region and there has been little growth on the equities side barring Saudi', one of the sources said, speaking on condition of anonymity as the matter has not been made public.

Finally, Bloomberg reports that Leef Dierks, the London-based head of covered bond strategy at Morgan Stanley, is leaving the firm, according to a person familiar with the matter.

Dierks is going as part of job cuts planned by the New York-based firm, said the person, who asked not to be named because they’re not authorized to speak on the matter. He joined in 2010 from Barclays, data compiled by Bloomberg show.

Morgan Stanley Said to Pare Asia Investment Banking Jobs by 15%

Morgan Stanley to trim Dubai staff amid global cuts - sources

Morgan Stanley Covered Bond Strategist Dierks Said to Leave Bank

 

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