Morgan Stanley to Trim Unit: Morgan Stanley...
From Times Staff and Wire Reports
Morgan Stanley to Trim Unit: Morgan Stanley said it was laying off about 6%, or 50 professionals, of its 800-person investment banking division as rumors swirled on Wall Street of major cuts at another big firm. The division includes mergers and acquisitions, corporate finance, real estate and capital markets--all areas that have been hit hard by the decline in the securities industry since the 1987 stock market crash.
