Morgan Stanley is cutting 400 jobs as it looks to streamline its bond-trading business amid a global downturn in fee income, with about 100 job expected to be cut in London. Morgan Stanley declined to comment. The bank said on Friday that the cuts would affect all of its fixed-income and equities businesses, including its London office where some staff will move from New York to London, while others are being offered Morgan Stanley reported a 42% drop in profits in October which led to increased pressure from investors to cut costs.
Morgan Stanley is cutting 400 jobs as it looks to streamline its bond-trading business amid a global downturn in fee income, with about 100 job expected to be cut in London. The bank said on Friday that the cuts would affect all of its fixed-income and equities businesses, including its London office where some staff will move from New York to London, while others are being offered Morgan Stanley reported a 42% drop in profits in October which led to increased pressure from investors to cut costs.