| Morgan Stanley will trim its commodities division by exiting areas such as trading of agricultural products, freight and some European power and gas following similar steps by other banks due to a poor outlook for revenue.
The move will lead to the departures of around 30 traders or just under a tenth of the workforce in the Wall Street bank's commodities division, one of the most powerful in the industry, a source familiar with the plan and a memorandum by the bank said. "The commodities revenue pool available to firms in our sector has fallen by almost 50 percent from the peak years of 2007-2009," the memorandum said...............................................Full Article: Source
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