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Morgan Stanley’s job cuts cost $302m as dealmaking fees hold up
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Morgan Stanley's compensation costs swelled in the second quarter, as the Wall Street bank spent $302m on severance during its deepest job cuts since the 2008 financial crisis.
The US bank spent $2.2bn on compensation in the second quarter, up by around $165m on the same period last year. Morgan Stanley has rolled out two rounds of layoffs within the space of six months, following up its annual pruning of underperformers in December with a reduction of around 3,500 employees in June.
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