Morgan Stanley, which has slashed its headcount by as much as 2,500 in recent weeks, cut seven members of its high-yield team within its US-based leveraged finance group this week.

The redundancies, which come amid the downturn in the investment banking industry, were on the sales and trading and research sides. Among those leaving the US bank as part of its cost-saving effort is Anthony Melchiorre, a managing director who was previously head of high-yield bond trading at Morgan Stanley. It is not known who will assume Melchiorre's duties.