Morgan Stanley will cut 100 worst stock traders in early 2016

Moscow. December 18. U.S. Bank Morgan Stanley plans to cut the number of employees engaged in trading stocks, 5% in the beginning of 2016, The Wall Street Journal writes with reference to sources.

The layoffs will affect about 100 people worldwide. The selection of candidates for reduction will be based solely on the performance of employees. These dismissals are not connected with the Bank previously announced plan to reduce state debt traders and employees of back-office by about a quarter, which is to reduce costs.

According to sources, in the next year the Bank will restore the staff strength to approximately the current level.

Similar are the actions of Goldman Sachs, who also plans to lay off about 5% of the employees in early 2016, depending on performance.