More Than One-Third of Morgan Stanley (MS) Job Cuts Will Be in NYC...
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Price: $90.26 +0.20%
Overall Analyst Rating:
NEUTRAL (
Down)
Dividend Yield: 1.7%
Revenue Growth %: +4.1%
Overall Analyst Rating:
NEUTRAL (
Down)Dividend Yield: 1.7%
Revenue Growth %: +4.1%
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Morgan Stanley (NYSE: MS) will reportedly be cutting 580 New York-based jobs of the total 1,600 global reductions announced earlier this month. The firm said the layoffs, which began hitting desks on December 15th, will be across all staff levels.
The banking and investment sectors continue to see fallout from the financial calamity of late 2008. Morgan Stanley isn't the only one dealing with downsizing: Citi (NYSE: C) recently announced the release of some 4,500 employees (about 1.5 percent of its global workforce) over the next six months, Bank of America (NYSE: BAC) said it will be chopping about 30,000 jobs in the next few years and UBS (NYSE: UBS) will be cutting about 2,000 bankers and traders. While now-jobless bankers would certainly argue otherwise, managers are suggesting the industries recent moves should feel more like a freeze in hiring and relocation of employees than actual layoffs.
Recent data showed Morgan Stanley had 62,600 employees, Citi employees roughly 267,000, BAC has a staggering 290,000 and UBS has around 66,000 (of which 18,000 are investment bankers in the U.S.).
After falling nearly 0.6 percent on Tuesday, the Financial Select Sector SPDR ETF (NYSE: XLF) is down another 0.3 percent just minutes after Wednesday's opening bell.
The banking and investment sectors continue to see fallout from the financial calamity of late 2008. Morgan Stanley isn't the only one dealing with downsizing: Citi (NYSE: C) recently announced the release of some 4,500 employees (about 1.5 percent of its global workforce) over the next six months, Bank of America (NYSE: BAC) said it will be chopping about 30,000 jobs in the next few years and UBS (NYSE: UBS) will be cutting about 2,000 bankers and traders. While now-jobless bankers would certainly argue otherwise, managers are suggesting the industries recent moves should feel more like a freeze in hiring and relocation of employees than actual layoffs.
Recent data showed Morgan Stanley had 62,600 employees, Citi employees roughly 267,000, BAC has a staggering 290,000 and UBS has around 66,000 (of which 18,000 are investment bankers in the U.S.).
After falling nearly 0.6 percent on Tuesday, the Financial Select Sector SPDR ETF (NYSE: XLF) is down another 0.3 percent just minutes after Wednesday's opening bell.
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