The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
1,600 jobs Number of planned job losses
Announcement Date
14 December 2011
Employment effect (start)
1 January 2012
Foreseen end date
31 March 2012
Description
Morgan Stanley, a global financial service firm, will lay off 1600 employees during the first quarter of 2012. The 1600 jobs will be cut around the globe and across all job levels. A spokesperson of the bank detailed that also management functions will be affected. The cuts represent 2.6% of Morgan Stanley's global workforce.
The company stresses that during 2012 no additional jobs will be cut. However, in a similar year-end evaluation at the end of 2012, Morgan Stanley will re-evaluate its workforce for 2013.
The investment bank reacts on shrinking revenues.
Sources
15 December 2011: Financial Times
15 December 2011: New York Times
Citation
Eurofound (2011), Morgan Stanley, Internal restructuring in World, factsheet number 72892, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72892.
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