Morgan Stanley has scaled back a group that invests in financial technology on behalf on the bank's equities division, according to people familiar with the matter.
Reuters reports that most of the eight to 10 members of the principal strategic investments group have left the Wall Street firm in the last few months, including head Gary Offner, the people said.
The move comes as Morgan Stanley, like its Wall Street peers, is looking to cut costs amid pressure on its bottom line.
It also comes as the group shifts its strategy to focus more on the investments' strategic fit to the bank's sales and trading operations, rather than one that just looks at returns, one of the people said.
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Morgan Stanley scales back equities financial technology investing group: sources
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