Morgan Stanley (MS) has been laying off in its hedge fund FrontPoint Partners. Reports say that 25 to 30 jobs at the fund could still be on the line.In addition the fund, which was linked to an insider trading scandal, may also be spun off down the road, according to a report by The New York Post Morgan Stanley has also been trimming down in other areas too such as its private bank in Charlotte, North Carolina. In January the bank announced that 60 people in the Charlotte private banking office would be relocated to Purchase, New York or laid off, according to The Charlotte Observer. Morgan Stanley's decision to cut down the business comes after the bank failed to retain former Wachovia executive Cece Stewart, who joined Morgan Stanley to launch the private bank in late 2008. Stewart left in September to run Citigroup's U.S. consumer and commercial banking unit.
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