February 13, 2008 / 10:47 AM / 12 years ago

M.Stanley cuts securitisation jobs in Japan -source

TOKYO, Feb 13 (Reuters) - U.S. investment bank Morgan Stanley (MS.N) cut less than 40 staff in its securitisation business in Japan on Wednesday, a source familiar with the situation said.

The bulk of these jobs were cut in real estate financing, the source added.

A spokeswoman for Morgan Stanley in Tokyo, Mika Watanabe, said: “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 separate source in the recruitment industry in Tokyo said: “They were marching people out the door today.” (Reporting by Alison Tudor and David Dolan)

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