Quantcast
Connect with us

Morgan Stanley to lay off 580 U.S. employees

Published

on

U.S. investment bank Morgan Stanley will soon lay off 580 New York employees, according to an official US document, after earlier announcing plans to eliminate 1,600 jobs by the first quarter of 2012.

The New York downsizing was outlined in a document filed with the state department of labor and published Tuesday, which said thelayoffs were taking place because of “economic” reasons without providing further details.

ADVERTISEMENT

The rolling layoffs began December 15, affecting four different offices, according to the document published on the department’s website.

On December 15, the company announced it would eliminate 1,600 positions at all levels.

A source told AFP earlier this month that the layoffs would likely be concentrated in the bond business, which has been hit hard by the eurozone debt crisis.

Morgan Stanley Chairman John Mack is to step down at the end of this year after steering the company through the 2008 US financial crisis at a time when many of its competitors went bankrupt or lost much of their independence.


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Here is how the 99% can force the 1% to defeat COVID-19

Published

on

By

The government's response to the pandemic has further enriched the wealthy, while everyday people, especially Black and Brown workers, face sickness, death, and destitution. Government handouts to the rich are unsurprising, since they repeat the century-old pattern of "rescue packages", but another pattern is more perplexing: why have business leaders not stepped up to demand a robust public health response, which would ultimately be in their own self-interest? The titans of industry have mostly stood by in the face of Trump's criminal negligence, which has devastated much of the 99% but also endangers the wealthy.

Continue Reading

Breaking Banner

Trump Organization planning ‘high-end’ retirement community — with 225 properties — on foreign soil: report

Published

on

The Trump Organization is planning a massive real estate development, according to a new report by Martyn McLaughlin in The Scotsman.

"In what would be one of the most ambitious and expensive foreign projects undertaken by Donald Trump’s family business since he assumed the presidency, his company has commissioned a detailed masterplan to develop as many as 225 properties, as well as leisure facilities and shops, on an expanse of rolling farmland adjacent to Turnberry’s lauded Ailsa course, a four-time host of golf’s Open Championship," the Scottish newspaper reported.

Continue Reading
 

Breaking Banner

WATCH: Video shows how Trump makes his caddie hang on to the back of the golf cart

Published

on

Despite the ongoing coronavirus pandemic and economic catastrophe, the leader of the free world spent the weekend golfing at his private, for-profit golf course in Virginia.

For the second day in a row, Donald Trump's presidential motorcade traveled to Trump National Golf Club in Sterling, Virginia.

"Today marks the president’s 86th day trip to Sterling," reported HuffPost correspondent S.V. Dáte, who was the White House pool reporter for print covering the day's events.

Continue Reading
 
 
You need honest news coverage. Help us deliver it. Join Raw Story Investigates for $1. Go ad-free.
close-image