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.
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.
West Virginia’s billionaire GOP governor busted for Trump-like business corruption while in office
This article was produced in partnership between the Charleston Gazette-Mail and ProPublica. By Ken Ward, Jr.
Last fall, Gov. Jim Justice called reporters to his office in the West Virginia Capitol for a hastily arranged news conference.
Sitting behind a table and flanked by GOP lawmakers, the governor touted the latest budget surplus and announced a proposed pay raise for teachers and a plan to fix the state’s underfunded public employee health care plan.
Trump may ‘undo his presidency’ — with Republicans backing impeachment: CNN’s conservative anchor
President Donald Trump's presidency is in peril as Republican lawmakers condemn the administration for green-lighting Turkey's ethnic cleansing of Kurds in northern Syria.
"President Trump this week set fire to the emoluments clause by announcing his own resort would host the G-7 summit. His Chief of Staff, Mick Mulvaney, set fire to his boss’s innocence admitting on camera to the very thing Trump is being investigated for and possibly impeached over," CNN's S.E. Cupp said.
"Donald Trump has put the Republican Party through a lot. Most have gone willingly along with him -- kids in cages, a trade war, protecting Putin, honoring Kim Jong-Un, breaking the law, the lies, the insults, the fake news, the rape allegations. Defending the president over the indefensible has become something of a cottage industry for Republican lawmakers, few of whom have ever dared to call him out," she noted.
Boris Johnson said he would rather be ‘dead in a ditch’ than delay Brexit — but just asked to extend deadline
Prime Minister Boris Johnson is to write to Brussels seeking a Brexit deadline extension after MPs voted Saturday to demand he delay Britain's October 31 departure date.
In a phonecall with European Council President Donald Tusk after the vote, Johnson said he would send the letter mandated by MPs to seek more time, a EU source told AFP.
"The PM confirmed that the letter would be sent to Tusk today," the source said.
"Tusk will on that basis start consulting EU leaders on how to react. This may take a few days," he added.
Tusk said on Twitter that he was "waiting for the letter".