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."
That's all we know at this time; if you have anything else to add, don't be a stranger.
UPDATE: According to spokesman Mark Lake, "we have no plans for cuts in our institutional securities business (IBD, FID or equity)."