Laying off his workers just as the U.S. erases a decade of job gains sets Lutnick apart from his peers, at least for now.

On Thursday, Morgan Stanley Chief Executive Officer James Gorman said it was a “no brainer” to decide against cutting jobs at his firm while a crisis rages. “Psychologically I think it would be a disaster,” Gorman told analysts on a conference call. “The worst possible thing.”

--With assistance from Tom Metcalf and Sonali Basak.

This article was provided by Bloomberg News.

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