Morgan Stanley announced earlier this month they will cut 1,600 jobs. Of those 1,600, 580 of them will be in New York. The poor economy continues to hit the job market hard and banks are laying off worker as well. Morgan Stanley isn’t the only bank cutting jobs. Citigroup (NYSE:C) announced earlier this year that it would get rid of 4,500 jobs or about 1.5% of its worldwide work force.
Bank of America (NYSE:BAC) announced job cuts as well with 30,000 jobs cut over the next couple of years. Swiss bank, UBS, also announced 16,000 job cuts.
Morgan Stanley announced these specific job cuts in a filing today and the cuts will come from four of its New York locations. These layoffs account for about 2.6% of the company’s workforce. The company also said the lay offs will be company wide affecting all levels and will take place during the first three months of 2012.
Morgan Stanley (NYSE:MS) is currently trading down 2.42% at $14.92. MS is down on light volume today with only 7.1 million shares traded. The company trades 36.8 million shares a day on average.