Several European banks have proved their mettle amid the continent's financial turmoil and are well-positioned for long-run growth, says Janus Overseas manager Brent Lynn.
No financial advisors will be impacted, but some of the cuts may impact the support areas for the wealth business, a person familiar with the situation said.
Morgan Stanley will buy the rest of its wealth-management joint venture with Citigroup Inc. as soon as next week, capping a four-year effort to reshape the investment bank into a more stable firm reliant on the retail- brokerage business.
The cuts focus on institutional operations, such as investment banking and trading activities at the wirehouse.
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