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January 25, 2008
NEW YORK - Morgan Stanley is cutting about 1,000 jobs in the coming week, part of efforts to trim costs ahead of what it expects will be a tougher business environment, a person briefed on the moves said on Thursday.
The investment bank, which suffered billions of dollars of losses from subprime mortgage trading last year, is cutting jobs mainly in wealth management and investment management areas, back office operations and technology staff, the person said. Morgan Stanley employs roughly 50,000 people.
There will not be "substantial" cuts in its institutional securities division, which includes the trading and investment banking businesses that generated losses last year.
Morgan Stanley, in a statement, confirmed it will cut jobs but declined to elaborate.
"The firm is engaged in an ongoing process of assessing its personnel needs in light of overall market conditions, business priorities and individual performance. This process will involve head-count reductions in some areas and additions in other areas," the bank said.
(Reporting by Joseph A. Giannone; Editing by Phil Berlowitz)
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