Morgan Stanley (MS -1.2%) will close 300 branches and cut 1,200 jobs in the next year in cost...

|By:, SA News Editor

Morgan Stanley (MS -1.2%) will close 300 branches and cut 1,200 jobs in the next year in cost cuts related to merging its brokerage with Smith Barney (C), though the firm says it's not "pulling out of markets and we are not shrinking financial advisers."