Morgan Stanley cuts 10 fixed-income jobs in Singapore, HK-sources

SINGAPORE/HONG KONG Wed Jan 11, 2012 8:10pm EST

SINGAPORE/HONG KONG Jan 12 (Reuters) - Morgan Stanley has cut 10 fixed-income jobs, mainly in sales and trading, in Singapore and Hong Kong including the co-head of fixed-income sales for Southeast Asia, three sources with direct knowledge of the matter told Reuters.

The cuts came after the U.S. investment bank said in December it will cut 1,600 employees in the first quarter as it trims costs in a difficult period for trading and banking revenue.

"The number that I know is around 10," said the source, referring to the fixed-income job cuts at Morgan Stanley Asia.

The source said the firings included executive directors, vice presidents and associates, mainly in sales and trading.

Sources said Sneha Sanghvi, who was co-head of fixed-income sales in Southeast Asia and was a managing director, is the highest casualty in the latest cull.

They also said a smaller number of jobs in equities and commodities have also been eliminated in Singapore.

Officials with Morgan Stanley declined to comment.

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