Morgan Stanley to cut 580 jobs in New York City
28 Dec 2011
Morgan Stanley, the Wall Street bank that this month announced 1,600 job cuts, said in a filing yesterday that 580 of them would come from New York City.
New York-based Morgan Stanley said in a filing with New York State's Department of Labour that the job cuts, known as "rolling layoffs" began on 15 December 2011 across four of its offices in New York, which included 1221 Avenue of Americas, 1 New York Plaza, 1585 Broadway and 750 Seventh Avenue, according to the filing.
On 15 December, Morgan Stanley joined other Wall Street financial giants in cutting costs by announcing plans to eliminate 1,600 jobs as the European and the US economic turmoil continues to hit even the most profitable financial institutions. (See: Morgan Stanley announces 1,600 job cuts)
Bloomberg today reported that Morgan Stanley has filed it's WARN notice for its New York locations. WARN notices must be filed according to state labour laws when a company with more than 50 employees, plans to lay off employees in New York state.
The 1,600 job cuts came after the bank conducted its year-end performance management process. The layoffs represent the largest since it laid off more than 2,500 employees during the global financial crisis of 2008-2009.
Although Morgan Stanley did quantify the savings it expects from the job cuts, it would help reduce the bonuses paid to employees, which accounts for a large part of their compensation package.