More Layoffs Coming at Morgan Stanley, CFO Says
Colm Kelleher says Morgan Stanley will reduce headcount in its asset management group by 9 percent.
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Kelleher, who was speaking at a conference sponsored by Merrill Lynch, said
Morgan Stanley would reduce headcount in its asset management group by 9
percent. He said that any new cuts would be in addition to the 10 percent
reduction in staff the bank made earlier this year.
He added that markets were “incredibly dislocated.”
Meanwhile, the bank’s co-president, James Gorman, said Morgan would be
scaling back operations in prime brokerage, proprietary trade, principal
investments and commercial real estate origination.
He stated that Morgan planned to reduce headcount by 10 percent across its
institutional securities businesses.
“We’re very mindful of the environment that we live in at the moment,” Gorman
said, and the bank would “rationalize” headcount and costs accordingly.
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