Morgan Stanley to cut 580 jobs in NY
Morgan Stanley will slash 580 jobs in New York as part of a broader wave of layoffs underway at the bank, according to a public filing.business Updated: Dec 29, 2011 21:57 IST
Morgan Stanley will slash 580 jobs in New York as part of a broader wave of layoffs underway at the bank, according to a public filing.
Morgan Stanley cited "economic" woes as the cause of the layoffs. The cuts began December 15 on a "rolling" basis, according to the filing, known as a WARN, (worker adjustment and retraining notification).
Earlier this month, Morgan Stanley said it would cut 1,600 jobs, or 2.6% of its work force, by the first quarter of 2012. The bank plans to spread the round of reductions across all divisions, including investment banking and trading.
The layoffs at Morgan Stanley are the latest round of cutbacks on Wall Street, which has suffered a year of humbling returns and enormous cost-cutting. Citigroup recently announced it would shed 4,500 jobs. Bank of America and Goldman Sachs have also begun carrying out staff reductions. In June, Goldman told the New York department of labour that it would layoff 230 workers through March 2012.
The securities industry in the city lost nearly $3 billion in the third quarter, according to a report released by the New York state comptroller. In October, the comptroller disclosed that an estimated 10,000 Wall Street workers could lose their jobs by the end of 2012.