Pillitteri and Jerome among Morgan Stanley exits

US bank cuts 25% of staff in FX and rates

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Deep cuts: Morgan Stanley slices FX

Morgan Stanley is cutting a quarter of its headcount in foreign exchange and rates, with high-profile departures including Giovanni Pillitteri and Oliver Jerome, global head of FX and interest rates electronic trading and head of FXEM Europe, respectively.

The cuts follow a more than 40% decline in fixed-income revenues in the third quarter of this year and the integration of trading desks across asset classes.

Pillitteri joined Morgan Stanley in September 2012 as global head of FX electronic

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