Morgan Stanley conspires to lay off hundreds

Morgan Stanley plans to cut hundreds of jobs in its debt and currencies division because of a drop in revenue, the Wall Street Journal reported. Altogether, a quarter of the staff at this division of the US investment bank could be made redundant, particularly in London and to a lesser degree in New York, the newspaper said, quoting people familiar with the matter. The firm posted a 42% fall in fixed-income trading revenue in third quarter. The debt market is declining mainly because of lower interest rates, which have led many banks to do so.