As Morgan Stanley Smith Barney executives ponder what brand to use going forward, they're also planning to cut a number of advisors. The Wall Street Journal's Brett Philbin reports that the wirehouse will lay off 200 to 300 trainees and low-production advisors by the end of the quarter, pushing its advisor count down to 17,800.

The wirehouse boasted a record 12 percent margin at the end of 2010, as well per rep revenue of $742,000 (up from $692,000 at the end of 2009). 

Edited by: Neil Anderson, Managing Editor


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