At Least 1/3 Of Morgan Stanley Layoffs Will Hit New York City
- Created: Thursday, 29 December 2011 09:03
State filings indicate that the wirehouse is already laying off around 580 workers based in various Manhattan locations, including the corporate headquarters.
Given Morgan's global reach, it is likely that the other 1,000 job cuts will come from more incremental layoffs across its overseas locations.
No word yet from the institutional services unit in Denver.
However, if what I've heard from other big banks is true, Colorado is viewed as a "mid-cost" location -- similar to Citigroup's institutional operation in Ohio -- and so it might be relatively shielded from the deep cuts in New York and elsewhere.
At this point, the tax advantages for keeping domestic offices open are overcoming the cost differential that companies like Morgan can get by farming out support jobs to India or China.
In the meantime, Morgan is still aggressively hiring financial advisors throughout the United States.