Morgan Stanley became the latest bank to announce more layoffs to shrink expenses as Wall Street prepares for an extended period of weak global economic growth and low trading and dealmaking volumes…

Rivals including Goldman Sachs Group Inc, Bank of America Corp, and Deutsche Bank AG are also embarking on fresh rounds of staff cuts in their trading and underwriting businesses. Goldman expanded its cost-saving target by $500 million as the outlook has dimmed for near-term revenue growth.

“People have gotten more aggressive on containing costs than they had been a month or two ago,” said Alan Johnson, a Wall Street compensation consultant. “You look out into the future and it just doesn’t look like it’s going to get better any time soon.”

Reuters / July 19, 2012