As Morgan Stanley issued it's results for the quarter ended 28th February, Chief Financial Officer, Stephen Crawford, confirmed that there were no further plans for headcount reductions.
The investment bank has cut it's workforce by around 6% during the last year.
Morgan Stanley Dean Witter & Co's profit fell 16% in the first quarter, the sixth straight decline.
Net income fell from $1bn this time last year to $848m. Net revenues fell to $5.3bn.
Investment banking revenue dropped 30%, advisory revenue 35% and trading revenue 33%.
Crawford was, however, fairly bullish and commented: 'Recent signs in the economy suggest maybe we're getting closer to a turnaround.'
Analysts predict a further fall in earnings in the current quarter, with net revenues rising in the second half of the year.