Bloomberg is reporting that Morgan Stanley is shutting its Moscow equities and currency trading desks. The bank is planning to move some employees to London while others will be cut entirely.
The report goes on to say that its presence in Moscow will be focused on corporate finance, capital markets, and mergers and acquisitions. “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 said in a statement.