Morgan Stanley to Shut Down Moscow Equities and FX Desks
- About 40 employees will be affected by the desk closures
- Lender joins Deutsche Bank, Credit Suisse in Russia cutbacks
Pedestrians pass a neon sign displaying the latest Russian ruble, euro and dollar exchange rates
Photographer: Andrey Rudakov/Bloomberg
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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 U.S. lender has about 40 employees on the sales and trading desks and providing support in Moscow, while its remaining local presence will be focused on corporate finance, capital markets and mergers and acquisitions, the people said.