Skip to main content

Layoffs Watch '13: Morgan Stanley (Update)

Cuts are said to be expected in Asia.
  • Author:
  • Updated:
    Original:

Cuts are expected to go down in Asia. (Update: and elsewhere!)
From the front lines:

"Morgan Stanley will be making firmwide cuts in Asia next week. Not clear how deep the cuts will be but some groups may be slashed by as much as 20%. Unclear if the RIF will be global or limited to Asia."

Update: According to Bloomberg, MS "plans to cut about 1,600 jobs from its investment bank in coming weeks," with "about half" of the reductions occurring in the US.

Related

Layoffs Watch '12: Morgan Stanley

The House of Gorman is said to be in the process of letting some employees down easy. Morgan Stanley will this week complete a round of job cuts that will ultimately lead to the company shedding 100 sales and trading staff, underscoring what is expected to prove a dismal second quarter for Wall Street banks. The cuts are across Europe, the Middle East and Asia, according to people familiar with the New York-based bank’s plans. The bank has so far laid off about two-thirds of its original 100-person target, leaving some 33 people to go this week. Morgan Stanle Said To Shed Staff As Deals Fall [FT]

Layoffs Watch '13: Barclays

Earlier this week Barlcays promised not to dawdle when it comes to canning the 2,000 employees slated to be cut. Today employees in Asia got to experience that follow-through in action!

Layoffs Watch '12: Morgan Stanley

The House of Gorman will be saying good-bye to a few thousand Little Jims before year-end. Chairman and Chief Executive James Gorman said the firm's work force at year-end will fall 7% from 2011, reflecting previously announced layoffs as well as the firm's efforts in applying "a high bar for replacing attrition." The forecast implies a reduction of more than 4,000 jobs from the firm's global headcount of 61,899 at Dec. 31. Last winter, Morgan Stanley announced 1,600 job cuts spread across its businesses, which was its largest such cutback since late 2008 and early 2009. The firm completed roughly 4% to 5% of those cuts in January and will complete an additional 2% to 3% by the end of 2012, a spokeswoman said. Morgan Stanley Expects 7& Cut In Its Workforce [WSJ]

Layoffs Watch '15: Morgan Stanley

Cuts have begun across the pond.

Layoffs Watch: Citigroup

Cuts are said to have gone down in Asia.