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Morgan Stanley Cutting Heads
[ by Howard Haykin ]
Morgan Stanley reportedly is cutting 1,600 investment banking jobs – or about 6% of staff. The firm began informing (affected?) employees about the job losses beginning this week. The cuts affect the firm's institutional securities business, and specifically earmarked for termination are traders, salespeople, bankers, and related support personnel. About half the cuts involved the U.S. operations.
This round of job cuts comes in addition to a 6% reduction in the investment bank workforce in 2012, according to an anonymous individual who was not authorized to speak publicly about the matter. [Reuters, via CNBC, 1/9/13]
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