Morgan Stanley is backing away from European buyouts, with a handful of senior private equity staff let go.
According to Sky News, the Wall Street giant informed staff last week that it was abandoning European private equity activity, with managing director Jean-Marc Jabre among the big names departing.
The bank had been a strong supporter of the Remain campaign ahead of the summer's Brexit vote, stumping up £250,000 to back the drive to keep the UK inside the EU.
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And the news comes after Morgan Stanley denied reports that it had begun to relocate thousands of UK-based staff on June 24, the day that the Leave verdict was announced.
However, the decision to retreat from European buyouts is not linked to the Brexit vote.
Instead, Sky News reports the private equity unit owns a stake in a single company – steel producer Breitenfeld – and the investment is considered to have under-performed.
Morgan Stanley declined to comment.