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The New York Observer

Sign O' the Times: Morgan Stanley Cuts Back Cab Reimbursement

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May 9, 2008 | 12:37 p.m

That perspiring, uncomfortable-looking Wall Streeter you sat next to on the subway this morning might have been a Morgan Stanley banker. Dealbreaker reports that as part of the firm's new "new cost-cutting initiative, taxi reimbursement will not be provided until after 10 pm."

Morgan Stanley posted its first-ever quarterly loss at the end of last year after taking a $9.4 billion dollar write-down on subprime mortgage investments. In November, Morgan Stanley became the first investment bank to lay off a senior executive (and we've certainly seen a domino affect since then), so perhaps the other Wall Street firms will follow suit and force their employees to commute to work with the rest of us.

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