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Additional jobs could be eliminated in the research department and institutional securities business, The Journal said.
One number that stood out in the institutional securities division was its compensation ratio.
Colm Kelleher, the other co-president of institutional securities, received restricted stock valued at $1.9 million.
Mr. Pandit, now co-president for institutional securities, took no action, she said.
The current investment-banking chief, Joseph Perella, 59, was named chairman of the institutional securities group.
The bank showed steady gains in most of its business lines, notably in institutional securities.
Jeff Holzschuh was named chairman of institutional securities to focus on maintaining crucial client relationships.
Its biggest unit, institutional securities, reported $6.2 billion in revenue, down 13percentt year-over-year.
She is a director in the operations division of the firm's institutional securities group.
Mr. Rinaldi, 41, is a vice president for institutional securities sales at Morgan Stanley in New York.
The cuts are coming primarily from the firm's institutional securities business, which includes trading, and its support work force.
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