Morgan Stanley Targets $1B In Cost Savings

Morgan Stanley(MS) CFORuth Porathas outlined his cost cutting plans,The Wall Street Journalreports. The lender is targeting nearly $500 million in cost savings beginning in 2012 and expects to save $1 billion over the next three years.

The firm, which may decrease its brokerage headcount withinMorgan Stanley Smith Barney, will also monitor a variety of expenses, includingBlackberryusage of its employees. In March 2011, the bank fired nearly 300 trainees and lower-producing brokers and reported 17,800 total advisers.

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