Morgan Stanley is cutting about 100 jobs as it looks to streamline its bond-trading business amid a global downturn in fee income, with 400 job expected to be cut in London . The bank is cutting fixed-income staff, some of whom were only hired recently, following years of declining revenue and insufficient returns. They join a number of former colleagues in exiting the bank. Bloomberg reported a 25% drop in profits in Monday which led to increased pressure from investors to cut costs.
Morgan Stanley is cutting about 100 jobs as it looks to streamline its bond-trading business amid a global downturn in fee income, with 400 job expected to be cut in London . The bank is cutting fixed-income staff, some of whom were only hired recently, following years of declining revenue and insufficient returns. Bloomberg reported a 25% drop in profits in Monday which led to increased pressure from investors to cut costs.