Morgan Stanley plans to cut up to 25% of its fixed-income jobs, according to a person familiar with the matter. The workforce reduction will be across all regions and is set to take place in the next two weeks, the person said. The news was first reported by Bloomberg earlier on Monday. The Wall Street bank reported a 42 percent slide in bond trading in the third quarter, one of its worst performances since the financial crisis.
Morgan Stanley CEO James Gorman has been focusing on equities trading and - particularly - wealth management as profit drivers for the no. 6 US bank by assets as stricter regulations and capital requirements make it more difficult to trade bonds.
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