NEW YORK, May 8. /TASS/. Morgan Stanley is interested in continuation of operations in Russia and will keep the long-term presence in Moscow, the US investment bank told TASS on Wednesday.
"Morgan Stanley remains committed to Russia, we will maintain our longstanding on-the-ground presence in Moscow and will ensure that our clients in Russia continue to benefit from the capabilities of the firm, in particular as it relates to investment banking and global capital markets," the Bank says in its statement.
"Morgan Stanley is committed to Russia and is retaining its presence in the Russian market," a source close to the Bank told TASS. "This is not a withdrawal, rather a change of the operating model. The banks plans to restructure its equities and currency sales and trading desks in Moscow. The leading Investment Banking and Capital Markets franchise in Russia will not be impacted by this restructuring in any way. The remaining local presence will be focused on corporate finance, capital markets and mergers and acquisitions deals," the source said.
"One of the recent reviews in Russia highlighted the changed nature of the cost/revenue profile of its business, largely as a result of reduced client activity," the source noted. "There are a number of reasons for this reduced clients’ activity (including sanctions) but taken together the result is that it makes sense for the bank to restructure its presence in the market to ensure that it is operating as efficiently as possible," the source added.