The cuts are said likely to be across all regions and set to take place in the next two weeks.
Morgan Stanley is planning a reduction of as much as a quarter of its fixed-income staff after years of revenue declines and insufficient returns, according to people with knowledge of the plans.
Bloomberg News reports that the cuts will be across all regions and are set to take place in the next two weeks, said two of the people, who asked not to be identified because the decision hasn’t been publicly announced.
It’s 'a pretty substantial step' for a firm that has preferred for years to change the business incrementally amid an industrywide slump, said Brennan Hawken, an analyst at UBS, who recommends buying Morgan Stanley’s stock. 'The fixed-income environment was rough last quarter, and it remains tough', he said.
To access the complete Bloomberg News article hit the link below: