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Morgan Stanley to cut 580 jobs in New York

In a filing with the New York State Department of Labour, Morgan Stanley said 580 jobs would be cut at the firm's midtown Manhattan headquarters and three smaller Morgan Stanley offices in New York.

Global financial services firm Morgan Stanley on Tuesday said it will slash over 500 jobs across four locations in New York under plans announced earlier this month to cut 1,600 jobs globally by next year, citing hard economic times .

In a filing with the New York State Department of Labour, Morgan Stanley said 580 jobs would be cut at the firm's midtown Manhattan headquarters and three smaller Morgan Stanley offices in New York.

The firm said in the filing that "rolling layoffs" had begun on December 15, when it had announced that it would slash 1,600 jobs or 2.6 per cent of its workforce globally by the first quarter of 2012.

Morgan Stanley had 62,648 employees at the end of September. The layoffs would impact all divisions, including investment banking and trading.

The year 2011 has been one that Wall Street would want to forget, with major financial services firms announcing layoffs as continued economic woes force them to trim costs.

In all, financial firms have disclosed plans to eliminate more than 200,000 jobs globally this year.

Citigroup had announced earlier this month that it would cut 4,500 jobs, while Bank of America said it would cut 30,000 jobs over the next few years.

Swiss lender UBS is downsizing its investment bank to 16,000 people from the current 18,000.

In June, Goldman Sachs had told the New York Department of Labour that it would layoff 230 New York workers through March 2012.

The New York State comptroller had said in October that an estimated 10,000 Wall Street workers could lose their jobs by the end of next year.