Layoffs Watch '15: Morgan Stanley To Tell A Whole Lot Of Employees To Clean Out Their Desks

The House of Gorman is preparing for 4-figures worth of cuts.
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Happy holidays?

Morgan Stanley (NYSE: MS) will take a severance charge of about $150 million in the fourth quarter as the company pares back its fixed-income trading business to improve profitability. The charge will cover the cost of cutting 1,200 workers worldwide, including about 470 traders and salespeople in its fixed-income and commodities business, according to a person briefed on the matter. That amounts to 25 percent of Morgan Stanley’s fixed-income trading staff, with other reductions coming in infrastructure and support roles, said the person, who asked not to be identified because the figures aren’t public.

Morgan Stanley to Take $150 Million Charge, Cut 1,200 Jobs [Bloomberg]

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Layoffs Watch '12: Morgan Stanley

Employees within fixed income may need to find room at another inn. People inside Morgan Stanley are bracing for layoffs in the fixed income department. Sources inside Morgan Stanley say people within the fixed income business are expecting a dramatic downsizing of that business. They are not thinking about a total exit, maybe exiting certain parts of it, spinning those off if they can, but clearly a radical downsizing. MS Planning Layoffs [FBN]