By Michael J. Moore and Hugh Son - Dec 28, 2011 4:24 AM GMT+0700
Morgan Stanley, the bank whose shares have declined 44 percent this year, said in a filing today that 580 of the 1,600 job cuts announced earlier this month may come from New York City.
“Rolling layoffs” began Dec. 15, the New York-based firm said in a submission to the state’s Labor Department. Affected locations include 1221 Avenue of the Americas, 1 New York Plaza, 1585 Broadway and 750 Seventh Ave., the filing shows.
Chief Executive Officer James Gorman, 53, is grappling with Europe’s debt crisis and concern that U.S. economic growth will slow, crimping demand for trading and investment-banking services. Financial firms have disclosed plans to eliminate more than 200,000 jobs globally this year.
Reductions will occur globally at all levels of the firm, Mark Lake, a company spokesman, said on Dec. 15. The 1,600 figure amounts to about 2.6 percent of the 62,648 employees Morgan Stanley (MS) had at the end of September. The decision to reduce staff came as “we conduct our year-end performance- management process and evaluate the right size of the franchise for 2012,” Lake said at the time.
To contact the reporters on this story: Michael J. Moore in New York at mmoore55@bloomberg.net; Hugh Son in New York at hson1@bloomberg.net
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net
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