Credit and sales hit as Morgan Stanley begins cuts

Mon Jan 9, 2012 10:43am EST

LONDON, Jan 9 (IFR) - Morgan Stanley's head of European credit trading and head of emerging markets fixed income sales and trading are two of the main casualties of the US bank's round of job cuts announced at the end of last year.

Pat Lynch, who had been heading up the bank's European credit trading desk since 2008 and had been at the bank since the late 1990s, left last Friday. Meanwhile, Fernando Ortega, the firm's head of fixed income emerging markets sales and trading, has also left the bank. A Morgan Stanley spokesman declined to comment.

The US bank announced at the end of last year that it would be cutting around 1,600 positions across the firm globally in the first quarter of this year. The bank is cutting staff across asset classes and across businesses.

At the end of December, the bank started laying off staff in New York, announcing it would let go of 580 people.

Large investments banks begun cutting staff at the end of last year as they seek to cut costs and adapt to the new economic and regulatory environment.

Citigroup said at the end of last year that it would shed about 4,500 jobs globally, of which 900 will come from the US bank's securities and markets business.

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