Morgan Stanley cuts 200 from brokerage department
Morgan Stanley has cut 200 staffers from its brokerage department, the latest round of cutbacks as the big Wall Street firm completes the merger of its brokerage sales force with the Smith Barney brokerage unit, FOX Business Network has learned.
Morgan Stanley plans to cut 1,600 jobs in its investment banking unit, roughly 6% of staff in that unit, with employees being informed about job losses beginning this week, a person familiar with the matter said on Wednesday.