Exclusive: Morgan Stanley says to close Indonesian onshore equities business

FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California, Sept. 24, 2013. REUTERS/Mike Blake

HONG KONG/SINGAPORE (Reuters) – Morgan Stanley plans to close its Indonesian onshore institutional equities trading business, the investment bank said on Thursday in response to Reuters queries.

Morgan Stanley said in a statement that it “intends to cease its onshore broker-dealer activities in Indonesia. The firm remains committed to Indonesia and will continue to provide our global clients access to the equity market working with qualified local brokerage partners.”

Sources familiar with the decision told Reuters that the move will result in about 10 job losses.

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