MORGAN STANLEY SLASHES JOBS WSJ’s Justin Ba
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Posted On: 12/09/2015 2:24:49 PM
MORGAN STANLEY SLASHES JOBS
WSJ’s Justin Baer: “Morgan Stanley will eliminate 1,200 jobs, including 470 fixed-income and commodities traders and salespeople, as Wall Street’s outlook for its debt-markets businesses dims. The cuts, which comprise about 2 percent of Morgan Stanley’s total workforce, will also target hundreds of back-office employees who support the New York firm’s fixed-income division … The Wall Street firm will take a $150 million charge in the fourth quarter to cover severance expenses …
“A vast majority of the cuts will occur in London and New York, with fewer than 100 positions eliminated at the firm’s Asia offices. ‘This will result in businesses that are critically and credibly sized for the current market, while maintaining the ability to deliver for our clients across products and geographies,’ Morgan Stanley executives Colm Kelleher, president of Morgan Stanley’s investment-banking and securities businesses, and Edward Pick, who heads trading, wrote Tuesday in a memorandum to employees”
http://on.wsj.com/1TzJ9Oz
WSJ’s Justin Baer: “Morgan Stanley will eliminate 1,200 jobs, including 470 fixed-income and commodities traders and salespeople, as Wall Street’s outlook for its debt-markets businesses dims. The cuts, which comprise about 2 percent of Morgan Stanley’s total workforce, will also target hundreds of back-office employees who support the New York firm’s fixed-income division … The Wall Street firm will take a $150 million charge in the fourth quarter to cover severance expenses …
“A vast majority of the cuts will occur in London and New York, with fewer than 100 positions eliminated at the firm’s Asia offices. ‘This will result in businesses that are critically and credibly sized for the current market, while maintaining the ability to deliver for our clients across products and geographies,’ Morgan Stanley executives Colm Kelleher, president of Morgan Stanley’s investment-banking and securities businesses, and Edward Pick, who heads trading, wrote Tuesday in a memorandum to employees”
http://on.wsj.com/1TzJ9Oz
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