Morgan Stanley cutting about 1,000 jobs
Morgan Stanley plans to lay off about 2 percent of its workers this week to help cut expenses as the market for investment banking grows tougher, according to several reports Thursday.
A spokesman for Morgan Stanley confirmed the bank is cutting some jobs. He declined to confirm the number, which is believed to be about 1,000 workers.
"The firm is engaged in an ongoing process of assessing its personnel needs in light of overall market conditions, business priorities and individual performance," the spokesman said in a statement. "This process will involve head-count reductions in some areas and additions in other areas."
According to media reports, Morgan Stanley plans to cut mostly back-office jobs in technology, operations and support functions in the company’s wealth management division bad credit payday loans. The company employs almost 50,000 people.
Morgan Stanley lost nearly $3.6 billion in the fourth quarter as turmoil in financial markets dented the bank’s investment portfolio. The company’s stock has tumbled 20 percent in the last six months.
Shares of Morgan Stanley (MS, Fortune 500) lost $1.26 to $50.44 in afternoon trading Thursday.
Filed under: economics, technology, term by Fred