Morgan Stanley said to be cutting jobs too
Morgan Stanley is said to have cut jobs in its corporate FX department in New York as part of a program of redundancies in its global markets department.
Sources say that the bank has trimmed headcount, but could not confirm whether the cuts are part of an annual performance review or related to a downturn in investment revenues.
Mark Haber, a managing director in corporate FX sales who reported to Mike Mariano is understood to have been among those who are leaving as part of a cull that took place earlier this month. Haber did not return a request for comment. He is still employed by the bank according to his FINRA profile.
Haber joined Morgan Stanley 2019 from Nomura where he was US head of corporate sales.
The apparent cuts would mean that Morgan Stanley has become the next big bank after Goldman Sachs to cut jobs. Again, though, the numbers involved are not thought to be big.
Andy Saperstein, co-President and head of wealth management art Morgan Stanley, said this month that the bank wasn’t planning big layoffs.
Saperstein told CNBC: “We’re feeling pretty good. We are a disciplined management team. We think about expenses all the time. We think about our expense ratios. Same holds true for our capital deployment. And right now in this environment, we have no immediate plans for layoffs. We'll always tweak along the way, but right now we feel pretty good.”
We understand that the bank tweaked headcount in its European research department in London this month, with “less than a handful” of staff being affected.
Morgan Stanley declined to comment.
Have a confidential story, tip, or comment you’d like to share? Contact: email@example.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)