US investment bank Morgan Stanley (MS) will cut 580 jobs at four Manhattan offices, the company said in a filing with New York State’s Department of Labor on Wednesday. The filing, known as a “WARN” notice, requires businesses under The New York State Worker Adjustment and Retraining Notification [WARN] Act to give early warning of closing and layoffs.
Morgan Stanley, the investment bank whose shares have declined nearly 45% this year, filed the notice after announcing plans in mid-December to cut 1,600 jobs across all levels of the company. The decision to layoff employees came as “we conduct our year-end performance- management process and evaluate the right size of the franchise for 2012,” the company said at the time.
The cuts in New York, known as “rolling layoffs”, began on December 15, 2011.
Date of Notice: 12/27/2011
Control Number: 2011-0193
Rapid Response Specialist: Linda Foehr
Reason Stated for Filing: Plant Layoffs
Morgan Stanley (Various NYC sites)
1221 Avenue of Americas
New York, NY 10020
County: New York | WIB Name: NEW YORK CITY| Region: New York City
Contact: Eric Kayne, Human Resources
Phone: (212) 762-9804
Business Type: Financial services
Number Affected: 580 in all locations
Total Employees: —–
Layoff Date: Rolling layoffs beginning on 12/15/2011
Closing Date: —–
Reason for Dislocation: Economic
Classification: Plant Layoff
Other Morgan Stanley locations affected:
1 New York Plaza, New York, NY
1585 Broadway, New York, NY
750 Seventh Avenue, New York, NY
Morgan Stanley cited economic reasons for the job cuts without providing further details.
Financial firms plan to eliminate more than 200,000 jobs globally this year.