Wednesday’s Headlines: Morgan Stanley to cut 580 jobs in New York
Morgan Stanley says 580 of the 1,600 job cuts it announced a few weeks ago may come from New York, Bloomberg reports, citing a regulatory filing.
Layoffs began on December 15th and hit offices at New York’s Avenue of the Americas, New York Plaza, Broadway and Seventh Avenue. The 1,600 jobs made up around 2.6 percent of Morgan Stanley’s global workforce at the end of September.
“Chief Executive Officer James Gorman, 53, is grappling with Europe’s debt crisis and concern that U.S. economic growth will slow, along with crimping demand for trading and investment-banking services,” Bloomberg writes, noting that Morgan Stanley shares have lost 44 percent this year.
The news wire says financial firms have announced more than 200,000 job cuts around the world this year.
Big M&A deals of 2011 show Wall Street sometimes rewards unsavory deal-making. [DealBook]
Bank of New York documents show management panic over government probe. [Reuters]
Court rules in favor of SEC to delay Citigroup fraud case. [New York Times]
Carlyle Groups starts new financial services buyout fund, seeks more than $1.1 billion. [Reuters]
Richard Branson’s Virgin to begin new grab for UK bank business in January. [Financial Times]
GE to expand into online banking with purchase of MetLife’s U.S. retail deposits. [Wall Street Journal]
Japan’s Mizuho Bank considers buying Asian investment bank to boost fee income. [Businessweek]
Federal court approves AIG’s $450 million workers comp settlement with competitors. [Reuters]
European bank deposits with ECB reach record high at $591 billion. [Bloomberg]
UK financial association urges fund managers to study history, avoid future crises. [Financial Times]
Citigroup sells Belgian consumer business to French Credit Mutuel Nord Europe. [Dow Jones Newswires]
Deutsche Boerse, NYSE Euronext delay merger deadline to March 31. [On Wall Street]
Citigroup, UBS to be temporarily barred from Japanese government bond auctions as punishment. [Wall Street Journal]