The New York Post reports that Morgan Stanley is thought to be close to a further round of job cuts and there are rumours circulating that the firm could cut up to 20% of staff in its global investment banking division.
The firm has around 1,150 in investment banking and many are now fearing for their jobs. The latest cull of up to 250 is thought likely to start within the next few days. Merrill Lynch is thought to be close to a further cull and JP Morgan , Salomon and CSFB have also exited investment banking staff in the last few weeks.
The firm is also thought to be planning to lay off around 750 of its least productive brokers by the year-end. Morgan Stanley's fiscal year end is November and the firm will certainly be examining current and future staffing levels in the next few weeks.