Morgan Stanley Slashes Offices, StaffPosted by in Blog on August 21, 2012
It’s official. Morgan Stanley Smith Barney is cutting the number of offices, OnWallStreet.com reports. The business is slashing its number of “brokerage complexes” to 86 from 118 and cutting the number of branch managers from 150 to a total of 85. These changes are part of consolidation for the Morgan Stanley brokerage business.
These changes were rumored earlier this month, and were confirmed by Morgan Stanley late last week. The cuts also came shortly after Morgan Stanley revealed that it would cut its regional offices from 16 down to 12. There could be further cuts and changes in the works.
The most recent changes “will create larger complexes representing $150 million to $250 million in revenue,” OnWallStreet.com reports.
Morgan Stanley is tied with Citibank in a joint brokerage business venture, where Morgan Stanley owns 51 percent of the brokerage. This venture began in 2009.