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Morgan Stanley is following in the footsteps of Goldman Sachs and cutting another 10% of its staff. After making 4,400 redundancies in June, the US bank now plans to make another 10% of cuts in its institutional securities group, and 9% of people redundant in asset management.

Financial News says Mack is cutting back on prime brokerage, proprietary trading, principal investing and commercial real estate origination, and building up in cash trading, equity derivatives, foreign exchange, rates, commodities, corporate credit, mergers and acquisitions and capital raising. The Times points out that only the wealth management division will survive the cutbacks completely unscathed.

Morgan Stanley investment bankers should probably see if they can get trained as bank tellers. (Clusterstock)

Cuts are coming at GLG. (Financial News)

Hedge funds lost $100bn on investor withdrawals in October. (Bloomberg)

Big job cuts coming at asset managers. (FT)

2,500 jobs to go at HVB. (The Times)

Wall Street should pay all of this year's bonuses 100% in stock. (Clusterstock)

Goldman should cap compensation and bonuses for 2008 at 35% of net revenues. (Wall Street Journal)

Bank of America subpoenaed to release bonus data. (Wall Street Journal)

Since Vikram Pandit took over, Citi has lost not only $20bn, but also more than 70% of its market capitalisation. (Portfolio.com)

Citgroup is buying Chevy Chase (not the actor). (CNBC)

Citigroup donates its Christmas party cash to charity. (Clusterstock)

Citigroup has cut the most jobs. (Figaro)

M&A to fall another 35% in 2009. (Reuters)

Nearly five of every 10 risky borrowers have their debt trading as if default were likely. (NYTimes)

Dimon: "There are people swimming naked everywhere." (CNN)

If you don’t like Brick Breaker, can you still work in finance? (Mergers & Inquisitions)