Morgan Stanley’s CEO, James Gorman, told bank employees that there would be no job cuts this year, even as the firm’s profits slump as the security business slows and mergers and acquistions ground to a halt.
Gorman said emphatically, according to a person at the meeting, that there will not be job cuts this year.
He added that despite the quarterly loss, the firm’s fourth-quarter performance will be markedly better.
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