Monday, June 7, 2010

More Anecdotal Evidence that the Market Climb from March 2009 Was Mostly a Dead Cat Bounce:

FOX Business reports that Morgan Stanley will close 300 retail stock broker branches this year:

There has been a significant slowdown in small investors turning to brokers to execute orders; many investors are sitting on cash because they are fearful of the recent volatility in the markets. Because of the declining retail order flow, every major brokerage firm will have to cut staff, Morgan even more so because of the overlap from the Smith Barney acquisition....Both Smith Barney and Morgan Stanley have research analysts who write up reports for retail customers, and those jobs have also been targeted for the cutbacks, according to people close to the matter.

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