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Morgan Stanley details $1 billion cost-cutting plan

Bid to shave spending on travel, back-office work and servers shows banks continue to watch expenses, as revenue remains shaky

Bid to shave spending on travel, back-office work and servers shows banks continue to watch expenses
Bid to shave spending on travel, back-office work and servers shows banks continue to watch expenses

Even on a newly frugal Wall Street, bank executives remain under pressure to cut more costs.

Business conditions in the second quarter improved from a dreadful start to the year, bank executives reiterated at a financial services conference on June 14. So long as worries over a UK exit from the European Union don't wallop markets, that should allow banks to deliver better results.

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