Kind of a sh*tty Christmas gift.

Morgan Stanley is planning a reduction of as much as a quarter of its fixed-income staff after years of revenue declines and insufficient returns, according to people with knowledge of the plans. The cuts will be across all regions and are set to take place in the next two weeks, said two of the people, who asked not to be identified because the decision hasn’t been publicly announced. Hugh Fraser, a spokesman for the New York-based bank, declined to comment.

Morgan Stanley Said to Plan Global Fixed-Income Job Cuts [Bloomberg]