Skip to comments.The Bloodbath At Morgan Stanley Is Supposed To Start Today (1,600 to be axed)
Posted on 01/14/2013 8:13:51 AM PST by SeekAndFind
Last week, it was reported that Morgan Stanley would ax 1,600 jobs, or about 6 percent of the global institutional securities group, Bloomberg News reports. The latest round of reductions are expected to begin today and continue into the coming weeks.
According to Bloomberg News, half of those cuts are expected to be here in the U.S.
The bank is also expected to eliminate about 15% of the i-banking positions in Asia, Bloomberg reports.
Meanwhile, Fox Business reports that the Dubai office's equities division will be hit, too. Layoffs have been hitting a bunch of the big Wall Street banks.
Last summer, Deutsche Bank said it would eliminate 1,900 jobs with 1,500 of those coming from its investment bank. A few months later, Swiss banking giant UBS said it would cut 10,000 jobs.
(Excerpt) Read more at businessinsider.com ...
And don’t forget last month’s announcement by Citigroup of their plans to ax 11,000 jobs.
MEREDITH WHITNEY PREDICTED A TOTAL OF 50,000 WALL STREET LAYOFFS
Our NATIONALIZED Financial Industry has become a public utilty.
Movie ‘Margin Call’ come to life?
Nice pic pick.
Helpful Axing Tip: Don’t forget to put down the plastic first.
Great movie. What a performance.
LOL! Yeah, great movie and a great Christian Bale performance as well. I read the book, and I thought “There’s no way they’ll ever make a movie outta this.”
But O’dumby keeps putting out number to show wall street is doing great. It is all I hear about on the news. How great the Dow numbers are.
A new round of “too big to fail” bailouts on the way?
Wall Street and Main Street are doing great...... according to the media that is.