Morgan Stanley may cut unit's headcount further
Source: Bloomberg News |
June 9, 2011, Thursday
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Print Edition
Print Edition
MORGAN Stanley, owner of the world's largest brokerage, may eliminate more jobs at its wealth management unit as Barclays Capital cuts positions in its equities division worldwide.
"As we continue to take actions to improve broker efficiency we may reduce our broker headcount below previously announced targets," Morgan Stanley Chief Financial Officer Ruth Porat said at the Deutsche Bank Global Financial Services Conference on Tuesday. The unit, which had about 17,800 employees at the end of March, was previously aiming to reduce that figure to 17,500, according to a spokesman for the bank. The firm cut 300 brokers at the unit in the first quarter.
Barclays Capital, the investment-banking unit of London-based Barclays Plc, cut as many as 50 jobs in its equities division worldwide, a person familiar with the matter said. The reductions affected employees in sales, trading and research, said the person, who requested anonymity because the plan isn't public. The move, part of a mid-year performance assessment, wasn't made because of declining revenue, the person said.
Barclays, the UK's third-largest bank by assets, said in April pretax profit at its investment bank fell 33 percent as revenue from fixed-income, currencies and commodities trading tumbled. Equity-trading revenue at global investment banks, including Barclays Capital, will drop an average of 12 percent in the second quarter, versus the previous three months, according to an estimate on Tuesday by Kian Abouhossein, a JPMorgan Chase & Co analyst.
Net revenue at the six biggest United States banks - Bank of America Corp, JPMorgan, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group Inc and Morgan Stanley - fell 13.3 percent in the first quarter from a year earlier, according to data compiled by Bloomberg News. Global investment banking revenue may fall by about 16 percent in the second quarter because of a slowdown in fixed-income, currencies and commodities trading, Abouhossein said in a report to clients.
Morgan Stanley bought a controlling stake in a joint venture with Citigroup's Smith Barney unit in 2009, giving it a retail brokerage with US$1.67 trillion in client assets as of December 31.
"As we continue to take actions to improve broker efficiency we may reduce our broker headcount below previously announced targets," Morgan Stanley Chief Financial Officer Ruth Porat said at the Deutsche Bank Global Financial Services Conference on Tuesday. The unit, which had about 17,800 employees at the end of March, was previously aiming to reduce that figure to 17,500, according to a spokesman for the bank. The firm cut 300 brokers at the unit in the first quarter.
Barclays Capital, the investment-banking unit of London-based Barclays Plc, cut as many as 50 jobs in its equities division worldwide, a person familiar with the matter said. The reductions affected employees in sales, trading and research, said the person, who requested anonymity because the plan isn't public. The move, part of a mid-year performance assessment, wasn't made because of declining revenue, the person said.
Barclays, the UK's third-largest bank by assets, said in April pretax profit at its investment bank fell 33 percent as revenue from fixed-income, currencies and commodities trading tumbled. Equity-trading revenue at global investment banks, including Barclays Capital, will drop an average of 12 percent in the second quarter, versus the previous three months, according to an estimate on Tuesday by Kian Abouhossein, a JPMorgan Chase & Co analyst.
Net revenue at the six biggest United States banks - Bank of America Corp, JPMorgan, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group Inc and Morgan Stanley - fell 13.3 percent in the first quarter from a year earlier, according to data compiled by Bloomberg News. Global investment banking revenue may fall by about 16 percent in the second quarter because of a slowdown in fixed-income, currencies and commodities trading, Abouhossein said in a report to clients.
Morgan Stanley bought a controlling stake in a joint venture with Citigroup's Smith Barney unit in 2009, giving it a retail brokerage with US$1.67 trillion in client assets as of December 31.
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