U.S. banks continue to cut jobs

This past year saw Occupy movements spring up across America, protesting the excessive pay packages and luxurious lifestyles of Wall Street’s elite. It would seem, however, that life among U.S. bankers is not quite so safe and secure.

Morgan Stanley is reportedly set to eliminate 1,600 jobs, starting in the new year. That amounts to about 3% of its global workforce.

According to a report on FT.com, financial advisers will be spared, but the fixed-income division is likely to bear the brunt.

The cuts are come as the bank adjusts to new capital requirements, restrictions on trading and a sluggish global economy.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.