Morgan Stanley's cuts hitting everyone: "It's all teams"

Posted by PSR_AXP 13 mths ago

Yesterday was the trickle. Today is the flow. Sources inside Morgan Stanley say the bank's job cuts are hitting people at all levels across the institutional securities unit (the investment bank), with everyone from analysts to managing directors impacted.

Morgan Stanley is cutting 3,000 people from its global headcount of 82,266 people at the end of the first quarter. That's only 4% of the total, but most of the cuts are expected to fall in the institutional securities unit. Morgan Stanley doesn't release headcount figures for institutional securities, but banking intelligence firm Tricumen puts front office headcount in the institutional securities unit at only 5,500 people, suggesting that if even a small proportion of the 3,000 cuts fall there, it will be painful.
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