Morgan Stanley cuts 580 jobs in New York

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.

In a notice filed with the New York State department of labour, Morgan Stanley cited “economic” woes as the cause of the layoffs. The cuts began on 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 workforce, 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 severe cutbacks on Wall Street, which has suffered a year of humbling returns and enormous cost-cutting.

Source: Financial Express