Morgan Stanley (MS) CFO Ruth Porat has outlined his cost cutting plans, The Wall Street Journal reports. The lender is targeting nearly $500 million in cost savings beginning in 2012 and expects to save $1 billion over the next three years. The firm, which may decrease its brokerage headcount within Morgan Stanley Smith Barney, will also monitor a variety of expenses, including Blackberry usage of its employees. In March 2011, the bank fired nearly 300 trainees and lower-producing brokers and reported 17,800 total advisers.
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