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Report: Morgan Stanley axes jobs in Asia equities division

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Report: Morgan Stanley axes jobs in Asia equities division

U.S.-based Morgan Stanley cut about a dozen jobs in its equities division in Asia, Bloomberg News reported Dec. 20, citing people familiar with the matter.

The move is part of the company's global year-end efficiency push. The bank's head of cash facilitation in the region, Nick Wallum, was among the affected employees. The report came after CNBC reported in early December that Morgan Stanley was laying off approximately 2% of its workers, with most of the job cuts in the technology and operations divisions.

A Morgan Stanley spokeswoman declined to comment, while Wallum did not immediately respond to a text message from Bloomberg.