Wall Street’s ups and downs: JP Morgan cuts staff, Morgan Stanley’s bankers get a raise

A sign of things to come?


This week may have gotten off to a pretty upbeat start for a group of young bankers at one Morgan Stanley, but a group technology employees at JP Morgan Chase is now looking for new work.

JP Morgan [fortune-stock symbol=”JPM”] is reportedly cutting “hundreds” of tech support jobs, according to a Bloomberg article that relies on anonymous sourcing, the latest move in an industry-wide effort to trim down support staff amid the recent decline in trading revenue at many Wall Street banks. Meanwhile, a separate Bloomberg report on Monday featured inside sources claiming that Morgan Stanley [fortune-stock symbol=”MS”] is rewarding some of its youngest employees by raising base salaries for junior bankers by roughly 25%.

If the reports are accurate, the raises at Morgan Stanley would apply to the bank’s associate-level positions and vice presidents working around the globe in the investment banking and capital markets arms. Associates at the…

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