Morgan Stanley announced yesterday that they are planning another round of layoffs, this time slashing 10% of their workforce. Cuts will be made across the board (aka, nobody is safe), particularly in its money management and institutional securities groups. This all follows the downsizing the firm already performed earlier in the year.
Of course, in true industry fashion, they are speaking out of both sides of their mouths, also announcing future growth in their commodities, foreign exchange and investment banking areas.
Needless to say, we have no idea what the future holds, but for now it's not looking too good.
I think folks should anticipate more widespread cuts in workforce before year end and then follow-on cuts into 2009. Things are worse out there than what we know.
When a bank announces layoffs in a department, who is most likely to go? managers/directors earn 5x what analysts make..... is it purely political?
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