Morgan Stanley Just Fired "A Lot" Of People From The Brokerage

gorman fires layoffs

As expected, job cuts just hit Morgan Stanley.

The bank’s CFO said earlier this month they’re going to be reducing headcount further in their brokerage unit.

But the layoffs are broader than predicted according to the below report.

According to Dealbreaker,

Cuts have been going down this morning at the House of Gorman.

Apparently “a lot” of people were axed today at Morgan Stanley, with cuts occurring “across the board, not just bad FAs, as was previously assumed. Fixed income and equity areas have gotten the boot as well.”

However, a Morgan Stanley spokesman, Mark Lake, told Dealbreaker, “we have no plans to make cuts in fixed income or equities today or in the future.”

Citi just put out a negative call on Morgan Stanley (and Goldman Sachs) because trading was so horrendous in Q1.

Goldman is also reported to be weighing cuts, and Credit Suisse and Barclays have already commenced layoffs.

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