Morgan Stanley job cuts loom on derivatives

Morgan Stanley European head of structured product marketing Sophie Barnett has been put on consultation along with other members of the equity derivatives team, Money Marketing understands.

The consultation is understood to be part of a wider programme of redundancies at the bank.

In December, Morgan Stanley announced it is planning to cut around 1,600 jobs globally during the first quarter of 2012 due to continuing global economic pressure.

The firm said the process will involve around 2.6 per cent of the company’s total of 62,648 employees.

Barnett joined Morgan Stanley in 2003 and became European head of structured product marketing in 2006.

Morgan Stanley’s structured products sales division is headed up by executive director Marc Chamberlain and vice-president Nev Godley. As well being a structured product provider, Morgan Stanley has a dedicated retail structured products platform, Morgan Stanley IQ.

Michael Philips proprietor Michael Both says: “IFAs are cautious about recommending structured products and this consultation suggests that perhaps the sales at Morgan Stanley might not have been as high as the firm wished.”

Skerritt Consultants head of investments Andy Merricks says: “A lot of financial firms are going to be making job cuts this year due to the economic climate.”

Morgan Stanley refused to comment on the issue.