Thursday, December 15, 2011
Morgan Stanley to cut 1,600 jobs
(Reuters) - Morgan Stanley will cut 1,600 employees in the first quarter, the bank said on Thursday, as it trims costs in a difficult period for trading and banking revenue. The job cuts will come across all staff levels and geographic areas, spokesman Mark Lake said, including investment banking, trading and back-office functions. Morgan Stanley is one of the last big Wall Street banks to announce major job cuts as analysts have begun slashing fourth-quarter earnings estimates. Other banks, including Goldman Sachs Group Inc , JPMorgan Chase & Co , Bank of America Corp and Citigroup Inc have already outlined plans to cut thousands of jobs this year. Morgan Stanley had kept firings limited to several hundred underperforming financial advisers earlier in 2011, but is now extending the cuts to banking and trading.