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Rating:Morgan Stanley to Cut 9 Percent of Asset Management Jobs Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, November 12, 2008

Morgan Stanley to Cut 9 Percent of Asset Management Jobs

Reported by Armie Margaret Lee

Morgan Stanley plans to cut nine percent of its asset management staff globally, Dow Jones 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. 

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