Morgan Stanley Plans to Lay Off 1,600 Employees During Q-1 of 2012 |
Dice News - Dec 16, 2011 |
Morgan Stanley (MS), the pecuniary sector company plans to slash around 1,600 posts due to fall in revenue in the investment industry. Job cuts will take place during the first quarter of 2012 within the firm at all levels. Morgan Stanley spokesman, Mark Lake, announced yesterday.
The amount of job cuts (1,600) would be around 2.6% of the 62,648 workers, the company had at September end. There is a reduced demand for trading and investment banking services as the industry is struggling with European debt crisis and sluggish economic growth in U.S, said CEO, James Gorman.
The revenue of Morgan Stanley has declined 36% in the Q-3 from the previous quarter, which excludes accounting adjustments.
The firm decided to cut jobs subsequent to the review of year-end performance management process and assess the exact size of the franchise for 2012, Lake told.
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- Posted: 2011-12-16 12:48:16
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