Morgan Stanley cuts back its presence in Russia
Morgan Stanley is the latest foreign bank to reduce its presence in Russia, moving some employees to London, with other positions being cut
Moscow — Morgan Stanley is shutting down its equities and currency sales and trading desks in Moscow, becoming the latest foreign bank to reduce its presence in Russia, according to people with knowledge of the matter. The bank plans to move some employees to London, while other positions will be cut, the people said, asking not to be identified because the plans are private. The US lender has about 40 employees on the sales and trading desks,providing support in Moscow, while its remaining local presence will be focused on corporate finance, capital markets and mergers and acquisitions, the people said. “Morgan Stanley remains committed to Russia and will maintain our long-standing, on-the-ground presence in Moscow and ensure that our clients in Russia continue to benefit from the capabilities of the firm, in particular as it relates to investment banking and global capital markets,” the bank’s press service said in a statement, declining to comment specifically on the closures. Ru...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.