Morgan Stanley Inc (MS.N), the sixth-largest U.S. bank by assets, is trimming staff at its Dubai office, mainly by cutting jobs in its equities division, as part of a global plan to reduce costs, three sources aware of the matter said.
The bank plans to slash 1,600 jobs globally, many of whom work in its securities unit, sources told Reuters last week.
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 to trim Dubai staff amid global cuts: sources | Reuters
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