TOKYO, Nov. 13 (UPI) -- U.S. investment bank Morgan Stanley said it will close its Japanese retail securities business and shed all 100 jobs, becoming the latest high-profile foreign bank to cut back business in Japan.
Effective immediately, Morgan Stanley Nippon Securities Ltd. will no longer accept new orders, the investment bank said.
"The dramatic downturn in the economic climate has led us to conclude that we would not be able to develop this business and achieve scale and profitability in a time frame that would justify continued investment," said Robert Sculthorpe, head of Morgan Stanley's International Private Client Group.
The brokerage unit, which opened its sole Tokyo branch in January this year, will assist individual investors in managing their assets until they transfer their accounts elsewhere.
Morgan Stanley did not reveal the number or value of the accounts.
Morgan Stanley employs 1,500 people in Japan to provide a broad range of financial services in institutional securities, asset management and other businesses.
All of MSNS's employees would be offered compensation and help in finding new jobs, the firm said.
