Morgan Stanley to Cut 580 Jobs in New York

By BEN PROTESS

Morgan Stanley will slash 580 jobs in New York as part of a broader wave of layoffs underway at the bank, according to a public filing.
In a notice filed with the New York State Department of Labor, Morgan Stanley cited “economic” woes as the cause of the layoffs. The cuts began Dec. 15 on a “rolling” basis, according to the filing, known as a WARN notice, or Worker Adjustment and Retraining Notification.
Earlier this month, Morgan Stanley said it would cut 1,600 jobs, or 2.6 percent of its work force, by the first quarter of 2012. The bank plans to spread the round of reductions across all divisions, including investment banking and trading.
The layoffs at Morgan Stanley are the latest round of severe cutbacks on Wall Street, which has suffered a year of humbling returns and massive cost-cutting. Citigroup recently announced it would shed 4,500 jobs. Bank of America and Goldman Sachs, too, have begun carrying out major staff reductions. In June, Goldman told the New York Department of Labor that it would layoff 230 New York workers through March 2012.