Morgan Stanley To Slash 22 Managing Directors

This article appears courtesy of Institutional Investor

Source: InstitutionalInvestor.com

The chief executive of Morgan Stanley is expected to live up to his reputation as “Mack the Knife” as he sharpens his blade to slash up to 22 underperforming managing directors in its investment-banking division, The New York Times reports. Earlier this year Morgan Stanley dismissed about 1,000 poor-performing retail brokers.

Ironically, says The Times, it is the very same unit that was at the forefront of the movement to oust CEO John Mack’s predecessor, Phillip Purcell, that is being hit now.