Morgan Stanley To Trim Fixed Income Unit

Morgan Stanley (NYSE:MS) is set to trim the size of its fixed income unit according to a report in The Wall Street Journal. The global investment bank is scaling back its ambition to be a top fixed-income company, by announcing its investors that its fixed income unit would aim to pull in $1.5 billion to $2 billion in quarterly revenue. Morgan Stanley compared to rivals The investment bank’s new revenue target is much below the $3 billion to $5 billion revenue generated by its rivals Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) from fixed-income business during…