Morgan Stanley’s Job Cuts Cost $308 Million
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Morgan Stanley’s efforts to reduce expenses by eliminating jobs has cost it $308 million, with the firm’s investment bank taking the brunt.
The bank reported the second-quarter severance costs after it moved to eliminate about 3,000 jobs earlier this year as it contended with a persistent slump in deal-making. Those cuts followed an earlier round in December, when Morgan Stanley trimmed about 2% of its workforce.