No Sacred Cows at Morgan Stanley: IB MDs Getting Axed

While most pros on the Street are figuring out how to spend the bonus checks that will hit their accounts in the new year, i-bankers at the venerable Morgan Stanley are just trying to keep their heads down to avoid being shot in John Mack’s upcoming purge. According to today’s NY Times, Mack the Knife is going to cut some 22 managing directors--or about 6 percent of investment banking MDs--over the next few days. Like most decisions these days, it’s all about getting the underperforming stock moving again. The bank, which has been accused of being a little top-heavy in the management department, reportedly wants to make room for the aggressive (and less expensive) up-and-comers in the firm.
Morgan Stanley Bankers Brace for Cuts [NY Times]

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