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Friday, December 16, 2011|
Morgan Stanley Plans 1,600 Job Cuts
Morgan Stanley's top brass is looking at plans to shed 1,600 jobs at the broker dealer, reports The Wall Street Journal. The cuts would represent 2.6 percent of Morgan Stanley's workforce.
The broker-dealer no longer remains in the retail mutual fund business, having sold its funds to Invesco. However, its Morgan Stanley Smith Barney brokerage force remains a key channel for mutual fund distribution.
The report did not specify if cuts would come from its mutual fund platform.
"Tumultuous markets and economic uncertainty" are driving the planned layoff, reports the paper. It adds that the "layoffs will be spread globally across all job levels."
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