The Times Of India – Morgan Stanley Considers Shutting Offices, Cutting Staff : Sources – 9 August 2012

NEW YORK: Morgan Stanley under fire to boost profit margins in its retail brokerage arm, is considering closing brokerage offices, laying off support staff and requiring some branch managers also to generate revenue as advisers under a cost-cutting drive, three people briefed on internal discussions said.

Morgan Stanley, which controls the Morgan Stanley Smith Barney venture owned jointly with Citigroup, last week reduced the number of regions to 12 from 16, eliminating four manager jobs. Only about eight months earlier the firm had consolidated its regional manager ranks from 19.

Recruiters, citing conversations with advisers and managers at the firm, say additional cost cutting measures are expected to be announced in the coming weeks.

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