SYDNEY Jan 9 Deutsche Bank and
Morgan Stanley fired analysts and brokers at their
Australian operations on Monday as part of global job cuts, two
sources with direct knowledge said.
The sources declined to be named as they are not authorised
to speak to the media. The Australian Financial Review on its
website said Deutsche Bank has cut around 10 staff and Morgan
Stanley about seven.
Large banks across the world have outlined plans to cut more
than 125,000 jobs this year, according to a Reuters tally.
Australia, which has seen strong deal flows in the last two
years due to a resources boom has so far been relatively immune
to job cuts.
A Deutsche Bank spokeswoman in Sydney declined comment on
the cuts but referred to the bank's statement in October about
500 job cuts outside Germany.
A representative for Morgan Stanley in Sydney referred to
the bank's announcement in December about 1,600 job cuts across
The job cuts come as banks see their profitability sink amid
the weak global economy and European debt crisis.
Clients are holding back on trading and dealmaking activity
until markets become less volatile. At the same time, the value
of securities banks hold for investments, clients or
market-making purposes has declined, further hitting the