Morgan Stanley to open IT service centre in Hungary

Morgan Stanley to open IT service centre in Hungary

US investment bank Morgan Stanley is planning to open a research and IT service facility in Budapest which will employ at least 400 staff, according to press reports.

A report by Hungarian national daily newspaper Nepszabadsag, which quotes the country's labour ministry state secretary Laszlo Kordas, says the bank is looking to establish an IT, financial and accounting service centre in Budapest.

Morgan Stanley reportedly said in December that it was opening a mathematical research unit in the Hungarian capital. According to the newspaper, the bank is looking to add another centre that will house IT and finance operations.

The news follows reports last week that the US bank was axing around 50-60 equity research jobs in the US and Western Europe under plans to cut costs and allocate some of its resources in the emerging markets.

The job cuts also reflect a shift by institutional investors toward cheaper electronic trading, which has resulted in a sharp fall in commissions.

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