Wednesday, July 13, 2011

WOW: Morgan Stanley "Running Layoff Scenarios Into Several Thousand"

Morgan Stanley already begun reducing headcount in its brokerage, BusinessInsider reports.

But it looks like things are about to get much worse.

"The firm is “running layoff scenarios into several thousand folks,” said one person with direct knowledge of the matter" to Charlie Gasparino at Fox Business News.
In June, Morgan Stanley's CFO, Ruth Porat, hinted there would be significant cuts coming to the bank's Smith Barney brokerage unit. As with layoffs that occured in the first quarter, potential job cuts would come by "pruning weak performers," a bank spokesman said.

http://www.businessinsider.com/morgan-stanley-running-layoff-scenarios-into-several-thousand-2011-7

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