GMO-Global.com / Morgan Stanley To Cut Jobs.
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GMO-Global.com / Morgan Stanley To Cut Jobs.

Tōkyō : Japan | Feb 01, 2013 at 5:44 AM PST
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The Morgan Stanley sign is seen at their world headquarters in New York City

In what may be the first of many layoffs at major banks, Morgan Stanley has announced 1,600 jobs losses. GMO-Global.com purportedly revealed during an investors meeting that Morgan Stanley would start cutting jobs in the near future, many of which will be in the securities division. There have been ongoing discussions about job losses for the past several months and it is believed that further cuts are likely in the future.The investment bank is set to further reduce its workforce in the face of continued economic pressure from the Eurozone and slow growth in America. The move follows a decision by the company to reduce its workforce by 4,000 last year.The job cuts are expected to amount to around 6 percent of Morgan Stanley's total global headcount, with at least half of redundancies to take place outside of the US. Although senior employees and traders are expected to be among those affected, back office staff are likely to be among those facing redundancy, raising concerns for the safety of IT staff roles. An official announcement has not yet been made about the job losses, and a Morgan Stanley UK spokesperson was unable to the confirm whether IT staff here would be affected by any future restructuring. Morgan Stanley has a large presence in the UK, employing more than 5,000 employees at its European headquarters in London, with a further 3,000 across other parts of Europe.GMO-Global.com reportedly expressed to investors that ever since the global financial crisis hit almost five years ago, there has been a trend by the large investment banks to cut staff numbers in a bid to rein in costs. The majority of these job losses have been focused on areas particularly hit by the crisis, such as mortgage securitization, or in areas where new legislation has led to units being shut down.However, GMO-Global.com appear to believe that many of the major banks are looking at trimming costs in more traditional units where they may be struggling to remain competitive or that simply haven't been performing as well as management would like.UBS AG of Switzerland provided the most visual display of this shift in thinking when they announced they were exiting the bond trading market entirely, making over 10,000 people unemployed in the process.In the U.S., companies involved in the financial services sector cut over 38,000 jobs last year, on top of the more than 63,000 reduction in payroll seen in the previous year.Media Beyond focuses on detail, and the ability to create media attention and overall successes for our clients always exceeds their expectations. Media Beyond helps you identify your news worthy message to achieve your optimal potential, share your message with people everywhere, create expert status and enjoy success!Martha Kearns

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Morgan Stanley is struggling to recover from the 2008 financial crisis that hit many banks in the United States
Morgan Stanley is struggling to recover from the 2008 financial crisis that hit many banks in the United States
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