• Morgan Stanley’s CEO James Gorman said the firm has moved to “optimize” the head count
  • Said it’s the the effect unusually calm markets have had on their trading businesses, with clients trading less, “and the prices of many securities, from stocks to currencies, have turned less volatile—leaving banks’ traders fewer opportunities to profit from those swings”
  • “Fewer than 100 employees were affected by the cutbacks, a person familiar with the matter said”

More at the Wall Street Journal (gated): Morgan Stanley Cutting Jobs From Currency and Rates Trading Businesses