Morgan Stanley announced plans to slash an additional 10% of jobs in its institutional securities group, including investment bankers and traders, on top of the 10% cut previously. Another 9% of jobs will be eliminated from its money management division. The downsizing comes even after Morgan Stanley switched to a bank holding company in order to steady its financial situation. A company spokesman claimed resizing was necessary to match current market opportunities.
See "Biggest Unit at Morgan Is to Lose 10% of Staff", The New York Times, November 12, 2008