Morgan Stanley cuts 10% of Dubai workforce

JOB CUTS: Morgan Stanley has cut its workforce by up to 15%. (Getty Images)

Morgan Stanley has cut around 10 percent of its workforce in Dubai amid the global financial crisis, the US bank said in a statement on Monday.

The bank said in a statement to Arabian Business the job cuts were in line with the 10 percent global reductions previously announced by the bank's chief financial officer (CFO).

Newswire Bloomberg reported on Sunday that Morgan Stanley had cut 10-15 jobs from its workforce of around 110 based at its office in the Dubai International Financial Centre (DIFC), citing an emailed statement from regional managing director Georges Makhoul.

"We have no intention at all to redefine our presence here as it is strategic," Makhoul was quoted as saying.

He said the reductions were not made in any one area or level, according to Bloomberg.

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