Morgan Stanley shuts Greek office

Bloomberg

Business involving Greek companies will be handled out of London, said Hugh Fraser, a spokesman for the company. Morgan Stanley, which had opened its Athens office in 2004, also closed its Turkey office.

"In line with the firm’s previously announced strategy of resizing its cost base to match current opportunities in the marketplace globally, we have decided to refocus our Greek and Turkish client coverage model out of London," Fraser said in an e-mailed statement yesterday.

Deals drying up
Wall Street firms including Morgan Stanley, whose investment-banking model imploded this year, are cutting jobs and getting out of certain businesses as deals dry up. New York-based Morgan Stanley is firing 10 percent of its institutional securities staff globally.Morgan Stanley last month said it will shut its office in Turkey two years after it opened. The bank also cut 10 to 15 jobs from more than 110 at its regional hub in the Dubai International Financial Center.