Correction: An earlier version of this article incorrectly reported that Morgan Stanley would cut 6 of its workforce.
The new job cuts are in addition to annale concours rédacteur that plan, the sources said.
Department of Labor data.
"Any adviser who was thinking about leaving departed altogether when the company said they were leaving the protocol he said.The map continues to be redrawn in terms of regulation, who the competitors are, and the resources banks are willing to commit to the investment banking business.Morgan Stanley put the Smith Barney advisers through a difficult transition, including a new technology platform, which made for a unique situation in which the firm was asking the advisers to transition their clients to new systems,.But the staff cuts are a symptom of the current ailing business environment in which Wall Street banks are operating, with few areas of revenue growth to improve profits.Morgan Stanley lost 47 brokers in the fourth quarter, the same quarter it clamped down on advisers leaving by backing out of the protocol for broker recruiting.Morgan Stanley, which currently employs nearly 58,000, has been trimming its workforce over the past couple of years.Reporting By Lauren Tara LaCapra; editing by John Wallace, Theodore d'Afflisio, Dan Grebler and Gunna Dickson.The layoffs will hit employees at all levels, but more emphasis will be on "more senior employees said the source.There was a brief uptick in hiring in 20, when conditions improved temporarily, but since then there has been an almost steady stream of layoff announcements.JPMorgan analyst Kian Abouhossein said on Wednesday that he expects Wall Street banks to report a 10 percent decline in revenue for the fourth quarter, compared with the previous period, with double-digit declines in fixed-income and equity trading revenue and a 1 percent uptick.Morgan Stanley's New York headquarters are seen at the corner of 48th Street and Broadway in New York May 22, 2012.Related: Jobs with the highest (and lowest) unemployment.And bearing the brunt of the brunt is the firms fixed-income division, which was targeted for cuts late last year amid a prolonged trading slump.Morgan Stanley said at the end of October that it was leaving an industry agreement known as the protocol for broker recruiting, making it more difficult for advisers to leave the firm with their clients because they faced the potential of a lawsuit.Morgan Stanley's headcount of advisers was remarkably stable throughout 2017.New regulations that ban certain kinds of activity, like proprietary trading, or force banks to hold burdensome amounts of capital, are also prodding banks to exit businesses and reduce staff.Before the 2004 agreement, it was common for large firms like Morgan Stanley and.Our Standards: The Thomson Reuters Trust Principles.
Bank of America Corp bAC.
In early December, Citigroup c ) said it planned to cut 11,000 jobs, or 4 of its workforce.