Morgan Stanley axes bond traders in Singapore as part of global chop

At least 9 people in the fixed income, currencies and commodities unit here told to go; globally, 1,200 affected

Published Wed, Dec 9, 2015 · 09:50 PM

Singapore

MORGAN Stanley has fired traders in the fixed income, currencies and commodities (FICC) unit in Singapore this week, with the job cuts roughly at 25 per cent of the division's headcount, The Business Times understands.

A source close to the situation said the cuts are aligned with the overall percentage of job losses in the company's FICC unit worldwide. It is understood from a second source that at least nine FICC traders out of about 20 were axed this week.

These make up the total 1,200 jobs cut globally from the division, reflecting pressure on an underperforming unit of the US bank; its peers have similarly made only thin profits, …

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