Morgan Stanley cut 1,500 jobs this week: source

[marmar]

Reuters, via Yahoo!:



Morgan Stanley cut 1,500 jobs this week: source
Fri May 16, 6:47 PM ET



NEW YORK (Reuters) - Morgan Stanley (MS.N) cut 1,500 jobs this week across its investment banking, trading and asset management businesses, a person familiar with the situation said Friday, a 5 percent reduction of non-broker employees.

Most of the cuts hit employees in the United States and Europe, the source said. A few of the affected employees have not been notified yet.

As reported earlier this month, the second-largest investment bank is taking steps to cut 5 percent of employees across almost every business, excluding the retail brokerage division.

Including this latest round, Morgan Stanley has slashed more than 4,400 mortgage, banking and trading jobs to reduce expenses and weather a period of slowing revenue.

Morgan Stanley had 47,050 employees at the end of February.


http://news.yahoo.com/s/nm/20080516/bs_nm/morganstanley_jobs_dc_1

[Bozita]

1. Here's the companion piece from the NYT ...

May 16, 2008
For Wall Street Workers, Ax Falls Quietly

By LOUISE STORY and ERIC DASH

People on Wall Street seem to be vanishing overnight.

Thousands are losing their jobs as hard-pressed banks cut deep. But while layoffs are nothing new in the financial industry (they come with almost every downturn), this round seems different: it is eerily quiet.

So quiet, in fact, that people refer to these cuts as stealth layoffs. Some bosses hardly say a word after people are fired. At Citigroup, Goldman Sachs and Morgan Stanley, for example, the first clue that someone is gone can be e-mail messages that are returned to senders from a former colleague’s inactivated corporate address.

-snip-

And gallows humor is rampant. One joke: A banker calls a colleague and asks, “Are you busy? Or are you lying?”

-snip-

Read more: http://www.nytimes.com/2008/05/16/business/16layoff.htm...

[The_Casual_Observer]

2. Can a Manhattan real estate slump be far behind?