Morgan Stanley has laid off two vice-presidents and one or two other employees in its commodities division as part of a global plan to shed staff and cut costs, sources familiar with the matter said on Wednesday.
Reuters reports that the move comes after the bank has said it would not give up on the fixed income, currency and commodities trading business, known as 'FICC in Wall Street circles, and wanted to boost market share in FICC by two percentage points.
In the meantime, Bloomberg reports that William Barter, the head of U.K. investment banking at Nomura who worked on 2012’s biggest takeover, has left the Japanese firm after a reorganization of the global finance team, according to the Financial Services Authority register.
Barter, who was named head of U.K. investment banking at Nomura in November 2009 after joining from Citigroup Inc., spent his last day at the firm on December 31st, according to the FSA register. He worked on a team advising Xstrata Plc (XTA) on its purchase by Glencore International Plc (GLEN) for $33bn, creating the world’s fourth-biggest mining company in the biggest deal last year.
Slater, based in Singapore, and Toh in Hong Kong will focus on expanding the bank’s business in derivatives and structured products.