Morgan Stanley investment bankers should probably see if they can get trained as bank tellers.
WSJ: Morgan Stanley plans more layoffs but is also preparing to launch a retail banking business, which will be run by a veteran of Wachovia.
The company will lay off 10% of its institutional-securities professionals, said Morgan Stanley Chief Financial Officer Colm Kelleher said at Merrill Lynch’s banking and financial services conference.
The firm has already cut about 10% of its workforce overall this year. These cuts are in addition to those, Mr. Kelleher said.
The bank also plans on reducing head count by 9% in its asset-management business globally. The bank recognises that performance in asset management has been “mixed” and plans on “instituting greater expense discipline,” said James Gorman, co-president of Morgan Stanley.
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