The number of staff serving Morgan Stanley's wealth management arm fell from 10,470 to 9,000 in the year to February, according to the bank's first-quarter statement.

The 14% drop results from 1,000 redundancies in the division's US broking arm and a cut in the number of trainees. But there have been several departures and hires. "Morgan has been suffering from a revolving-door syndrome for months," said a rival.