Capital markets spared Morgan Stanley bloodbath

Morgan Stanley 230x150
By Owen Sanderson
09 Dec 2015

Morgan Stanley’s extensive cuts in its fixed income division will not touch Global Capital Markets, the division which houses Morgan Stanley’s primary debt and equity underwriting businesses. Indeed, a source close to the bank said the GCM team had “never been busier”, and would turn in positive performance for the year.

The US bank has announced major redundancies in fixed income and commodities, beginning last week with managing director cuts and rolling the cuts out through the hierarchy this week.

A memo seen by GlobalCapital, from Colm Kelleher and Ted Pick, head of institutional securities and head of sales ...

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