Equities, back and middle office.
Morgan Stanley’s equities-trading unit plans to cut as much as 5% of its staff in an annual performance-based cull, the Wall Street Journal reported, citing unidentified people familiar with the matter.
Bloomberg News reports that the unit will eliminate about 100 jobs in early 2016 and then replenish its ranks over the course of the year, the newspaper said. The cull isn’t related to a larger plan to shrink other trading operations to improve profitability.
The bank is preparing to eliminate 1,200 workers worldwide.
In the meantime, Bloomberg also reports that Citigroup plans to cut at least 2,000 jobs starting next month as CEO Michael Corbat restructures some of the bank’s businesses.
The substantial portion will be in middle or back-office positions, according to a person briefed on the plans, who asked not to be identified discussing personnel matters. The reductions are part of a repositioning the firm announced this month and will occur across the New York-based lender’s global footprint, people familiar with the matter said.