Most Wall Street banks announced their fourth quarter profits beat industry expe...
They have also shifted focus to steadier businesses, like managing wealth, handling corporate cash, processing transactions and expanding basic loan books.
After years of underwhelming bonuses, some bankers have left or say they are considering leaving for private equity and other types of investment companies that pay more and are not subject to the same restrictions as banks. Morgan Stanley let go of 1,500 employees in the fourth quarter, mostly in investment banking and trading, and the cost of those employees’ severance packages was another reason the bank sought to reduce expenses.
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