Morgan Stanley is consolidating the headquarters of its private bank in Purchase, New York, closing down a budding operation in Charlotte, according to the Charlotte Observer.

The bank felt that it could more "effectively and efficiently" run the private bank from one headquarters in Purchase, the publication cited a spokesperson as saying. As a result, a “portion” of the 60 people in the Charlotte private banking office will be able to relocate but some redundancies will happen. The firm did not give numbers.

Family Wealth Report’s request for details did not get a response at the time of going to press.