Morgan Stanley cuts research jobs…
…as rising e-trading volumes eat into commissions
Sans commentaire.
As reported in Reuters:
…The job cuts also reflect the shift by big institutional investors toward cheaper electronic and direct-access trading, further slashing commission revenue. Johansson last month told analysts U.S. commission rates had fallen 18 percent from 2003 to 2005, while European commission rates fell 13 percent. Commissions will fall further, he said, as more investors shift trades from full service brokers to electronic systems or separate research payments trading costs.
(Thanks to David H for the pointer.)
