Layoffs Watch '15: Morgan Stanley Not Wasting Any Time

The four-figures worth of cuts announced this week are under way.
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Apparently in addition to the investors pushing for them, soon-to-be laid off employees have machines and Janet Yellen to thank for the cuts.

Morgan Stanley this week cut staff covering short-term credit and regional broker-dealers, after a quarter in which the bank posted a 42 percent drop in bond trading, several sources told Reuters. The sources blamed the shakeup at the No. 6 U.S. bank by assets on tougher capital rules, mounting competition from faster and cheaper trading on electronic systems and expectations that the Federal Reserve will raise U.S. interest rates next week for the first time in nearly a decade.

Morgan Stanley begins layoffs in credit division [Reuters]

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

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The House of Gorman is said to be in the process of letting some employees down easy. Morgan Stanley will this week complete a round of job cuts that will ultimately lead to the company shedding 100 sales and trading staff, underscoring what is expected to prove a dismal second quarter for Wall Street banks. The cuts are across Europe, the Middle East and Asia, according to people familiar with the New York-based bank’s plans. The bank has so far laid off about two-thirds of its original 100-person target, leaving some 33 people to go this week. Morgan Stanle Said To Shed Staff As Deals Fall [FT]