Morgan Stanley is making moves to streamline its branch operations, firing some managers, assigning additional offices to other managers and cutting the pay of others, Investment News reports. Many of the dismissed managers were leftovers from merger with Dean Witter in 1997. Those whose salaries are shrinking, says IN, were in branch offices with annual revenues of under $10 million. To make up for the shortfall in salary, the managers were offered the option to double as brokers, a move that reportedly is upsetting existing representatives who may find themselves competing with their bosses for clients. The paper adds that Morgan Stanley may close those branch offices that produce less than $3 million a year in revenue.