Morgan Stanley To Cull 25% Of Fixed Income Jobs Within 2 Weeks As Revenues Plunge

‘Morgan Stanley, the investment bank that saw bond-trading revenue plunge 42 percent in the third quarter, is planning a significant reduction in its fixed-income staff, according to people with knowledge of the plans.

The cuts, which could total as much as a quarter of fixed-income trading employees, will be across all regions and are set to take place in the next two weeks, said two of the people, who asked not to be identified because the decision hasn’t been publicly announced. Hugh Fraser, a spokesman for the New York-based bank, declined to comment.’

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