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.
-Dow Jones Newswires; 212-416-2900
(END) Dow Jones Newswires
May 14, 2012 14:43 ET (18:43 GMT)
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