Bloomberg reports that Asian Managing Directors Saul Raccah and Leon Guo are among investment bankers who will leave the New York-based firm, the people said, asking not to be identified because the matter is confidential. Xu Li, a Beijing-based spokeswoman, declined to comment.
The job cuts in Asia investment banking will be deeper than the 6% reduction to be made across the broader institutional securities group, which includes fixed-income and equity sales and trading, research and investment banking, one of the people said.
In the meantime, Reuters reports that Morgan Stanley is also 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 Dubai cuts are part of the bank's global plan. Obviously, the bank is trying to focus on growth opportunities in the region and there has been little growth on the equities side barring Saudi', one of the sources said, speaking on condition of anonymity as the matter has not been made public.
Dierks is going as part of job cuts planned by the New York-based firm, said the person, who asked not to be named because they’re not authorized to speak on the matter. He joined in 2010 from Barclays, data compiled by Bloomberg show.