Big layoffs coming to Morgan Stanley's fixed income (and maybe FX) desks

Morgan Stanley may cut 25% of fixed income jobs

Bloomberg reports that Morgan Stanley might cut a quarter of its fixed income staff after bond trading revenue plunged 42% in Q3.

The layoffs are said to cover all regions and will take place in the next two weeks -- just in time for the holidays. The fixed income, currencies and commodities desks are grouped together so FX staff could be on the chopping block as well.