Morgan Stanley laid off nearly 15 per cent of its staff in Dubai as signs grow that the global economic downturn will spread to the Middle East’s financial sector.

“The bank has made final reductions last week, with a total number between 10 and 15 people from more than 110 in the Dubai International Financial Centre (DIFC) office,” said Georges Makhoul, the managing director and regional president of Morgan Stanley’s operations for the Middle East and North Africa. He said that the reductions were not concentrated in any area or level…… Full Article: Source