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The US bank is cutting 1,200 staff, including about 470 front-office staff in its fixed income and commodities business, according to Michael J. Moore at Bloomberg, who cited a person briefed on the matter.
Mark Lane, a spokesman for the bank, said the bank would take a $150 million charge in the fourth quarter, according to the Bloomberg report.
Business Insider reported Monday that emerging markets sales and trading was one of the areas hardest hit by the cuts.
Scott Francoeur, head of emerging markets credit sales in New York, and Mukesh Murarka, the global head of emerging markets structured trading in London, have left the bank as part of the restructuring.
Bloomberg has reported that Kay Haigh, the global head of emerging markets, has also left. Oliver Jerome, the former head of emerging markets currency sales and trading, has also left, according to Bloomberg.