plans to cut nine percent of its asset management staff globally,
reported. It was unclear how the reduction might affect Morgan
Stanley Investment Management
and Van Kampen Investments
The report did not mention when the cuts will take place.
Performance in the asset management unit has been "mixed," Dow Jones quoted Morgan Stanley co-president James Gorman
as saying. The company plans
to institute "greater expense discipline," Gorman added.
Stay ahead of the news ... Sign up for our email alerts now