Morgan Stanley Plans To Cut 1,500 More Workers

Morgan Stanley is planning another round of layoffs in the coming days, finalizing a plan to slash another 5 percent from its securities-firm workforce, or 1,500 employees, CNBC has learned.

People inside Morgan say the cuts will be across all business units, except brokers who make money largely on a commission basis and usually leave on their own when markets drop or business slumps. Morgan Stanley has 46,000 employees, including 8,000 brokers.

"We are constantly evaluating business conditions to ensure we are right-sized and we continue to do that," a Morgan Stanley spokesperson said when asked for comment.

Read the whole story here.

Comments

[WIpatriot]

""We are constantly evaluating business conditions to ensure we are right-sized and we continue to do that," a Morgan Stanley spokesperson said when asked for comment. "

Oh, sure, that's what they ALL say.

[biwee]

Of course, those who lose a job will NOT be the scamsters who rode the subprime horse into a collapse. Only the lower level workers will get the pink slip.

[vippy]

Yes, how can they manage to lose 72 billion dollars and pay themselves a bonus for 38 billion?
We really do compensate the incompetent.
I hope some of the financial advisers to FOX NEWS get the boot, you know those who still
claim we are not in a recession and have a 5% unemployment rate.

[ConcernedAboutRFuture]

Gee gosh, I hope they didn't forget to give million dollar bonuses to the executives before they claimed their losses.... just like every other Wall Street sludge co.