Morgan Stanley trims energy trading team
LONDON (Reuters) - Wall Street bank Morgan Stanley (MS.N) is trimming its large oil trading operation by up to six people as the banking industry faces difficult trading conditions, oil trade sources said on Wednesday.
Oil trade sources said that among those to leave the bank were four traders of crude oil, distillate fuels and gasoline as well as marketing personnel.
"The Firm is engaged in an ongoing process of assessing its personnel needs in light of overall market conditions, business priorities and individual performance," a Morgan Stanley spokesman said in a written statement.
"As a part of this process, we are resizing some of our institutional securities businesses as well as reallocating a number of resources to those businesses and regions where we see the best potential for growth."
The statement did not give details of the personnel or numbers involved.
Morgan Stanley has one of the largest oil trading operations in the global banking industry.
The bank said on Wednesday it would cut 1,000 jobs in its mortgage business and scale back its mortgage operations in the United States and Britain due to a deterioration in mortgage markets.
(Reporting by Melissa Akin, editing by Anthony Barker)
