Happy Holidays! You're Fired.

Published Sunday, December 01, 2002

The ax will fall at year's end for some 700 of 13,500 Morgan Stanley brokers. Some branches will be closed entirely. Earlier this year, the firm cut off hiring at 100 brokers, but resumed recruiting top producers. It's following in the steps of others, including Merrill Lynch, Prudential Securities and Salomon Smith Barney, all of which have lopped off lower-tier producers. During an investor meeting hosted by Merrill in November, Morgan Stanley CFO Stephen Crawford confirmed that current conditions were grim and that management would be forced to further cut costs. After the meeting Merrill analysts said the ...

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