Morgan Stanley to cut 150 London jobs - back office in firing line

Morgan Stanley to cut 150 London jobs - back office in firing line

Morgan Stanley is set to cut around 150 jobs in London - most of which will be in the back office, according to a report from Reuters.

Citing an anonymous source briefed on the move, Reuters says the London job cuts are part of plans by the US investment bank to axe more than 1000 staff.

"The firm is engaged in an ongoing process of assessing its personnel needs in light of overall market conditions, business priorities and individual performance. This process will involve head-count reductions in some areas and additions in other areas," the bank said in a statement released to the newswire.

The back office has so far been insulated from the worst effects of the global credit crisis as banks have first moved to slash front office OTC sales staff and get on top of outstanding paperwork and settlement backlogs.

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