Morgan Stanley, owner of the world’s largest brokerage, may eliminate more jobs at its wealth management unit, while 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 yesterday.
The unit, which had about 17,800 employees at the end of March, was previously aiming to reduce that figure to as little as 17,500, according to a spokesman for the bank. The firm cut 300 brokers at the division 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.
