Morgan Stanley hires 13-person team, HSBC said cutting 2,000

Morgan Stanley has hired a team of private-wealth advisers from Credit Suisse who advise on more than $5bn in assets.

Bloomberg News reports that the 13-person team is led by Richard Zinman, Anthony Dertouzos and John Moreno, according to an e-mailed statement from Morgan Stanley. The three advisers previously worked at Smith Barney, which Morgan Stanley later bought, before leaving for Credit Suisse in 2008.

In the meantime, Bloomberg also reports that HSBC is eliminating 2,000 jobs in its commercial bank as part of a plan to cut costs, according to a person briefed on the matter.

The reductions began last week and are expected to take two years, the person said, asking not to be identified discussing personnel matters. In June, the bank unveiled a three-year plan to shed businesses to shrink its workforce by some 50,000 and lower annual costs by as much as $5bn. Sky News reported the commercial bank’s cuts earlier Monday.

Morgan Stanley Hires Private-Wealth Team From Credit Suisse

HSBC Said to Plan Cutting 2,000 Jobs in Commercial Bank Division

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