Morgan Stanley to Cut 9 Percent of Asset Management Staff
The firm also plans to lay off 10 percent of its institutional securities staff.
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November 14, 2008
Morgan Stanley to Cut 9 Percent of Asset Management Staff
Morgan Stanley plans to lay off 9 percent of employees in its asset
management group as a result of closing and consolidating nonperforming and
overlapping investment funds. The firm also plans to lay off 10 percent of its
institutional securities staff.
"The firm is resizing its cost base and headcount to match current
opportunities in the marketplace, while reallocating resources to those
businesses that provide an attractive risk-adjusted return on capital," said
spokeswoman Erica Platt.
She declined to comment on specifics of the layoffs or which funds were being
closed or consolidated.
The asset management division had $570 billion in assets under management as
of August 31.
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