Morgan Stanley is reportedly preparing to cut 1,600 jobs across the company, according to a Bloomberg story on Thursday. But advisors will be spared, a spokeswoman for the global financial services company said.
“There will be some other positions eliminated in wealth management as part of the 1600 total firm wide,” a Morgan Stanley spokeswoman told On Wall Street. But no financial advisors would be affected, she emphasized.
The Bloomberg story said the job cuts will occur in the first three months of 2012 and represents about 2.6% of the 62,648 workers that the firm had at the end of September.
According to the firm’s third-quarter earnings, the global wealth management group had 17,291 global representatives who had average annualized revenue per rep of $747,000 and total client assets of $90 million per rep.
Fran McMorris writes for On Wall Street.