Morgan Stanley scales back ex-Japan Asia ABS franchise

Team of four lose jobs; regional responsibilities assumed by Japanese securitization group.

Details have emerged on significant cuts to Morgan Stanley's regional securitization coverage. The bank confirmed to FinanceAsia that the four members of the specialist ex-Japan Asia team - based in Tokyo but focused on other markets - headed by Cheng-Yi Tong, were actually let go at the end of last year, despite there being no official announcement of the move.

A source explained that the job losses were part of a general restructuring at the investment bank, but insisted that Morgan Stanley was not writing off securitization markets outside of Japan.

Because of the current environment, a number of people left the firm last year and this was related to...

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