The job cuts at Morgan Stanley's fixed income business continue. The US bank, which is looking to cut 25% of its fixed income staff, has been cutting staff on Monday in London and New York, according to people familiar with the matter. There is now a growing list of staff affected by the investment bank's restructuring, with emerging markets one of the areas hardest hit by the cuts. Scott Francoeur, head of emerging markets credit sales in New York, is among those to have left the bank, according to people familiar with the situation. Mukesh Murarka, the global head of emerging markets structured trading in London, has also left, according to the people. They join a number of former colleagues in exiting the bank. Bloomberg reported last week that job cuts were taking place. That report said Kay Haigh, the bank's global head of emerging markets, was leaving. Morgan Stanley declined to comment.
Morgan Stanley is cutting about 100 jobs as it looks to streamline its bond-trading business amid a global downturn in fee income, with 400 job expected to be cut in London . The bank is cutting fixed-income staff, some of whom were only hired recently, following years of declining revenue and insufficient returns. Bloomberg reported a 25% drop in profits in Monday which led to increased pressure from investors to cut costs.