Morgan Stanley Joins Citigroup in Job-Cutting Push Amid Slump
This article is for subscribers only.
Morgan Stanley and Citigroup Inc. are among Wall Street firms preparing to eliminate jobs as first-half revenue dropped for a third straight year.
Headcount at Morgan Stanley will decline by about 700 in the second half, bringing total 2012 staff reductions to 4,000, Chief Financial Officer Ruth Porat, 54, said yesterday in an interview. Deutsche Bank AG, Europe’s biggest lender by assets, is considering about 1,000 job cuts at its investment bank, while Citigroup plans to chop about 350, people with knowledge of the decisions said this week.