The WSJ is reporting that Morgan Stanley may be looking to lay off another 5% or so of its employees and Goldman also may be considering more job cuts:
The New York firm, which let go of about 7,000 employees last year, may decide on another round of staffing cuts in the next two weeks, a person familiar with the matter said. These rollbacks could affect a wide range of back-office and support functions including technology, infrastructure and human resources. There could also be additional cuts in riskier trading businesses that have gone out of favor with regulators and investors.
Goldman Sachs Group Inc. is also contemplating further cuts in staff after letting go about 10% of its employees late last year, according to a person familiar with the matter. No decisions have been made but any cuts will be determined by market conditions, this person said….
The moves at Morgan won't likely affect the company's wealth-management business, which employs 8,400 brokers who advise investors on their finances. That unit, run by Morgan Stanley co-President James Gorman, is expected to merge with Citigroup's Smith Barney business later this year in a joint venture that will be 51% owned by Morgan Stanley and run by Mr. Gorman.
Morgan Stanley May Cut 5% of Staff – Wall Street Journal
