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发帖数: 1863 | 1 Morgan Stanley to cut 1200 jobs | s******7
发帖数: 446 | 2 It's a depressing time to be a trader on Wall Street.
Struggling Morgan Stanley (MS) slashed 1,200 jobs around the world in recent
days, a person familiar with the matter told CNNMoney.
The cuts were broad-based and eliminated 25% of the positions within the
fixed income and commodities businesses, the person said. Those divisions
are grappling with tumbling trading revenue and shrinking fees.
Morgan Stanley also eliminated about 730 back-office jobs like human-
resources and IT positions.
The moves will result in businesses that are "critically and credibly sized
for the current market," Morgan Stanley executives told employees in a memo
on Tuesday.
Wall Street firms have been hit by a slowdown in client activity and trading
revenue that took root during the market mayhem of last summer.
Morgan Stanley has been particularly hurt by the new environment. The firm
alarmed investors by disclosing a 42% plunge in fixed-income trading revenue
in the third quarter. Morgan Stanley's shares have slumped 12% so far this
year, compared with smaller declines for rivals Goldman Sachs (GS)and Bank
of America (BAC). Shares of JPMorgan Chase (JPM) are actually up 6% in 2015.
Parts of Morgan Stanley's business are holding up better than fixed income.
For example, the firm posted a jump in advisory revenue last quarter thanks
to strong mergers and acquisitions (M&A) activity. |
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