AXE FALLS: Morgan Stanley Slashes 1,600 Jobs
From The Daily Bail
January 9, 2013 - 5:17pm
The $9 billion check that saved Morgan Stanley.
Morgan Stanley, the sixth-largest U.S. bank by assets, plans to eliminate about 1,600 jobs from its investment bank and support staff in coming weeks, a person with direct knowledge of the matter said.
The cuts total about 6 percent of the New York-based company’s institutional securities group, which includes investment banking and trading units, and support staff, the person said, asking not to be identified because the decision hasn’t been made public. About half the reductions will be in the U.S., the person said.
Morgan Stanley reduced staff by about 4,200 people in the first nine months of last year through job cuts and unit sales, after saying in December 2011 it would trim 1,600 jobs. Chief Executive Officer James Gorman, 54, has pledged to lower costs as return on equity remains below the bank’...Continue reading this article »