Morgan Stanley is shutting down its equities and currency sales and trading desks in Moscow, becoming the latest foreign bank to reduce its presence in Russia, according to people with knowledge of the matter.
Bloomberg News reports that the bank plans to move some employees to London, while other positions will be cut, the people said, asking not to be identified because the plans are private. The U.S. firm has about 40 employees on the sales and trading desks and providing support in Moscow, while its remaining local presence will be focused on corporate finance, capital markets and mergers and acquisitions, the people said.
“Morgan Stanley remains committed to Russia and will maintain our longstanding on-the-ground presence in Moscow and ensure that our clients in Russia continue to benefit from the capabilities of the firm, in particular as it relates to investment banking and global capital markets,” the bank’s press service said in a statement, declining to comment specifically on the closures.
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