Morgan Stanley set to reduce fixed-income staff globally: sources

New York

MORGAN Stanley is planning a reduction of as much as a quarter of its fixed-income staff after years of revenue declines and insufficient returns, according to people with knowledge of the plans. The shares rose.

The cuts will be across all regions and are set to take place in the next two weeks, said two of the people, who asked not to be identified because the decision hasn't been publicly announced. Hugh Fraser, a spokesman for the New York-based bank, declined to comment.