Commerzbank is moving its mergers and acquisitions operations from the U.K. to focus on German clients, according to three people with knowledge of the matter.
Bloomberg News reports that most of the M&A team of about 10 people will be relocated and the head of U.K. deals, Rosalind Hedley-Miller, is retiring said two of the people, who asked not to be identified because the announcement hasn’t been made official.
Commerzbank has offered alternative jobs to the U.K. team, the people said. Two are planning to go to New York, a similar number may relocate to Hong Kong, and most of the others will move to Frankfurt, the people said.
Meanwhile, Bloomberg also reports that Morgan Stanley is planning to give up some of the office space it leases in Mumbai after selling its Indian wealth and domestic fund management businesses, people familiar with the matter said.
Morgan Stanley, which occupies two floors in Tower 2 of One Indiabulls Centre in Mumbai, may give up an entire floor, one of the people said, asking not to be identified because the information is private. The bank will move some staff to existing offices in the city where it will take up more space, one of the people said. Morgan Stanley declined to comment in an e-mailed response.