More Cuts, New Retail Plans at Morgan Stanley

Morgan Stanley plans more layoffs but is also preparing to launch a retail banking business.

(According to Bloomberg, Morgan Stanley hired Cece Sutton from Wachovia Corp., where she rose to executive vice president from branch manager during a three-decade career, to run the retail bank. Ms. Sutton, 50, was in charge of retail and small-business banking at Wachovia, Morgan Stanley said Wednesday. Morgan Stanley also hired Jonathan Witter, 39, from Wachovia, which is being acquired by Wells Fargo & Co., as the new group's chief operating officer.)