maniacal focus

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    Layoffs Watch ’12? Morgan Stanley?

    James Gorman is approaching cost-cutting with the same focus as the Zodiac killer, so maybe.

    Morgan Stanley is “maniacally focused” on cutting costs apart from compensation and is on track to reduce expenses by $500 million this year, Chief Executive James Gorman said on Tuesday. Gorman, speaking at a conference in New York, also reiterated Morgan Stanley’s plans to reduce costs by $1.4 billion annually over the long term…The bank is also monitoring the size of its overall payroll for possible job cuts as revenue remains under pressure from a weak market environment, he said. “We are very, very focused on that, obviously, in this environment,” said Gorman.

    Morgan Stanley “maniacally” focused on cost cuts-CEO [Reuters]
    Very much related: Morgan Stanley Joins Goldman Sachs In Herbicide

    / Jun 12, 2012 at 2:23 PM

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