Morgan Stanley

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
United States, United Kindgom, Asia, other locations
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
1,600 jobs
Number of planned job losses
Job loss
Announcement Date
9 January 2013
Employment effect (start)
16 January 2013
Foreseen end date
31 March 2013

Description

On 9 January 2013, Morgan Stanley, a global financial service firm, announced plans to lay off 1,600 employees during the first quarter of 2013. Around half of the 1,600 jobs will be cut in the United States, with the second half from its global workforce.  Positions will essentially be cut in the institutional securities unit (which will lose 6 per cent of its workforce) as well as investment bank activities and related support staff. In the past years, the bank had made a number of job cuts: 4,400 jobs in 2008 (see related Morgan Stanley 2008) and 1,600 in 2012 (see related Morgan Stanley 2012). 

Sources

Citation

Eurofound (2013), Morgan Stanley, Internal restructuring in World, factsheet number 74767, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/74767.