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Morgan Stanley To Trim Dubai Staff Amid Global Cuts-Reuters


Monday, 14 Jan 2013 04:30am EST 

Reuters reported that Morgan Stanley trimming staff at its Dubai office, mainly by cutting jobs in its equities division, as part of a global plan to reduce costs. The bank plans to slash 1,600 jobs globally, many of whom work in its securities unit. Big U.S. and European institutions are cutting investment banking jobs in the Middle East as the promise of emerging markets is overshadowed by the need to slash costs and a dearth of deal activity. Morgan Stanley's equities business will now focus on Saudi Arabia, adding that planned cuts at other divisions in the Middle East were minimal. 

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