MUMBAI--The Indian unit of Morgan Stanley has let go of 14 employees as part of the U.S. investment bank's global job cuts, a person familiar with the matter said Wednesday.
Morgan Stanley is cutting 6% of its institutional securities workforce globally, the person told The Wall Street Journal on condition of anonymity. This will take the number of people affected across the world to about 1,600.
In Asia, it is cutting about 5% jobs in the institutional securities business. The cuts started late last week, and hit divisions like investment banking, fixed income, equity research and trading and will span jurisdictions like Hong Kong, Singapore, Thailand, India and China, another person said Monday.
In India, the people affected belong to the investment banking, fixed income and research departments, said the person who spoke on Wednesday.
Globally, all staff levels are impacted "with an emphasis on more senior employees," the person said.
Noel Cheung, a spokeswoman for the bank in Hong Kong, declined to comment.
Morgan Stanley employs more than 400 people in India across divisions such as capital markets, equity and fixed-income sales and trading, research, asset management and private-wealth management.
Of the company's total global job cuts, 50% will be in the U.S. and the remaining will be spread internationally, the person said. The reduction in workforce is in addition to a 7% cut Morgan Stanley made across the firm in 2012.
The bank employed about 57,000 people at the end of 2012.
http://online.wsj.com/article/SB10001424127887323468604578245301072525628.html
Morgan Stanley is cutting 6% of its institutional securities workforce globally, the person told The Wall Street Journal on condition of anonymity. This will take the number of people affected across the world to about 1,600.
In Asia, it is cutting about 5% jobs in the institutional securities business. The cuts started late last week, and hit divisions like investment banking, fixed income, equity research and trading and will span jurisdictions like Hong Kong, Singapore, Thailand, India and China, another person said Monday.
In India, the people affected belong to the investment banking, fixed income and research departments, said the person who spoke on Wednesday.
Globally, all staff levels are impacted "with an emphasis on more senior employees," the person said.
Noel Cheung, a spokeswoman for the bank in Hong Kong, declined to comment.
Morgan Stanley employs more than 400 people in India across divisions such as capital markets, equity and fixed-income sales and trading, research, asset management and private-wealth management.
Of the company's total global job cuts, 50% will be in the U.S. and the remaining will be spread internationally, the person said. The reduction in workforce is in addition to a 7% cut Morgan Stanley made across the firm in 2012.
The bank employed about 57,000 people at the end of 2012.
http://online.wsj.com/article/SB10001424127887323468604578245301072525628.html
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