Morgan Stanley has been cutting jobs in bulk ever since their acquisition of Smith Barney last year, most notably with the 200-employee cut back two weeks ago, which Reuters was told would be the "'lion's share' of the merger-related job cuts." It seems that source must have mixed up his euphemisms, perhaps referring instead to adorable baby cubs' share of the cuts—because the carnage has only begun.
Plans have been announced to cut 1,200 employees over the course of this year according to the Post, many of which may come from the staff of Morgan Stanley Headquarters on Broadway and 47th St, where many of the previous cuts took place. This comes after news that the firm disclosed it would be more than doubling Chairman John J. Mack's salary, from $800K to a whopping $2 million. Ah, the genius of capitalism.
