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Job Cuts Are Coming To Wall Street

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Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with job cuts on Wall Street.

(SOUNDBITE OF MUSIC)

INSKEEP: The investment bank Morgan Stanley has announced plans to shed 1,600 jobs - about half of those cuts here in the United States. The layoffs are said to target senior employees, management and executives - a move seen as aimed at cutting costs and boosting equity returns for the banks' investors. Those returns are still down about a quarter from the levels seen before the 2008 financial crisis. Transcript provided by NPR, Copyright NPR.

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