Morgan Stanley May Have Layoffs If 2Q Remains Weak -Fox Business' Gasparino

DOW JONES NEWSWIRES

Morgan Stanley (MS) banking executives are expecting layoffs if the market in the second-quarter continues to be weak, Fox Business Network's Charlie Gasparino reported Monday.

Senior Morgan Stanley executives, in investment banking in particular, have been instructed to compile a list of the bottom 15% of performers, in what Gasparino said is a "fairly normal" move.

A spokeswoman told Fox Business that Morgan Stanley constantly evaluates market conditions and isn't planning layoffs at this time.

Meanwhile, Gasparino reported that at J.P. Morgan Chase & Co. (JPM), dismissals of employees are expected in upcoming days.