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.

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]