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Saturday July 21, 2012
Morgan plans further staff cuts on weak outlook
NEW YORK: Morgan Stanley became the latest bank to announce more layoffs to shrink expenses as Wall Street prepares for an extended period of weak global economic growth and low trading and deal-making volumes.
The investment bank, which posted a sharp drop in second-quarter revenue, expected its payroll to decline by about another 1,000 workers this year to meet a broader target of reducing staff levels by 7% from December 2011 levels, chief executive James Gorman said.
Morgan Stanley is one of several big banks to outline further belt-tightening measures this week when reporting quarterly results. The industry is facing increasing pressure from shareholders to boost profitability as the European debt crisis, companies’ reluctance to issue debt and equity, and slow stock and bond trading weigh on revenue. – Reuters
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- Abdul Wahid and Paul Low taking huge pay cuts
- Organisers of Penang ceramah to be called up by police
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- Azlan and Zamri do Malaysia proud in ARRC race at Sentul
- Broken clutch lever costs Hafizh dearly in Le Mans
- Dragons wilt under the Heat in Saigon
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- Ten important items for you to prepare for the inevitable
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- Winning ticket for record $590.5mil Powerball lottery sold in Florida
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- Malaysian hard disk drive makers see higher demand
- Rod Stewart tops UK album chart for first time in 34 years
- Five companies tender for RM400mil job in Samalaju Port
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- Professionals warn there is too much of office space in the Klang Valley
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- Texas sues BP over 2010 Gulf spill
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