It's already been a tough week for job losses, and here's another firm said axing staff.
Bloomberg reports that Morgan Stanley is cutting jobs in its commodities business, one of the Wall Street’s three biggest, after CEO James Gorman said revenue the past two quarters was among the unit’s worst in 18 years.
The bank is shutting businesses including agricultural products and dry freight, according to an internal memo Thursday from Colin Bryce and Simon Greenshields, co-heads of the unit.
Morgan Stanley will cut about 30 to 35 jobs in commodities, or 10% of its workforce, according to a person briefed on the matter who asked not to be identified because the information isn’t public.
Gorman said last week that he’s 'carefully re-evaluating' the proper structure for the commodities unit after holding talks with Qatar’s sovereign-wealth fund last year about selling a stake in the business.
Bloomberg also reports that Morgan Stanley will exit power and natural gas trading in Bulgaria, the Czech Republic and Poland as it scales back in commodities, a person with direct knowledge of the matter said.
The firm will leave markets in eastern Europe where it doesn’t have a competitive advantage, said the person, who asked not to be identified because the plans are not public. It will continue to trade western European power and carbon permits, according to the person.
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