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.