Morgan Stanley to cut 1,200 jobs
The financial firm, Morgan Stanley plans to cut 1,200 jobs, or 2 percent of its global workforce, taking a severance charge of about $150 million.
The charge will cover the cost of cutting 1,200 workers worldwide, including about 470 traders and salespeople in its fixed-income and commodities business, according to a person briefed on the matter. That amounts to 25 per cent of Morgan Stanley’s fixed-income trading staff, with other reductions coming in infrastructure and support roles, said the person, who asked not to be identified because the figures aren’t public.
The total jobs to be eliminated represent a bit more than 2% of Morgan Stanley’s 56,000 workers.
Morgan Stanley plans a $150m charge in the fourth quarter in connection with the restructuring, a spokesman for the US bank said.
In an internal memo to staff reviewed by AFP, Morgan Stanley executives Colm Kelleher and Ted Pick said the job cuts “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.”
Shares of Morgan Stanley fell 1.9% to $34.03 in midday trade.
