Tuesday 30, December 2008 by Mike Gallagher

Morgan Stanley lays off staff in Dubai.

US-banking giant, Morgan Stanley, in a sign that the effects of the global credit crunch are being felt in the Middle East, is reportedly laying off roughly 10 per cent of its staff at its Dubai office. The bank is supposed to be getting rid of somewhere between 10 and 15 people, although there is no word on who is getting the chop or which positions are being axed. The bank moved into the Dubai International Financial Centre (DIFC) in March 2006.

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