Major Cuts Ahead At Morgan Stanley

Bloomberg reports that 'people familiar with the situation' claim that Morgan Stanley is to fire 2,200 staff, or 4% of its workforce. The firm apparently began the latest round of cuts last week.

The cuts are thought to include 950 brokers, 70 in institutional equities and around 100 staff in research. The firm is also thought to have fired around 100 staff in Asia, about 4% of its workforce in the region. Around 200 jobs in London are also thought to be axed. The firm employs approximately 4,700 people in the Capital.

The latest cull will bring Morgan Stanley's staff numbers down to around 55,600 from about 64,000 at the 2000 peak. The Securities Industry Association recently said that 68,000 jobs have been lost in the last two years at US securities and commodities firms.

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