Posted on 12/15/2011 9:05:45 AM PST by Qbert
(Reuters) - Morgan Stanley will cut 1,600 employees in the first quarter, the bank said on Thursday, as it trims costs in a difficult period for trading and banking revenue.
The job cuts will come across all staff levels and geographic areas, spokesman Mark Lake said, including investment banking, trading and back-office functions.
Morgan Stanley is one of the last big Wall Street banks to announce major job cuts as analysts have begun slashing fourth-quarter earnings estimates.
Other banks, including Goldman Sachs Group Inc , JPMorgan Chase & Co , Bank of America Corp and Citigroup Inc have already outlined plans to cut thousands of jobs this year. Morgan Stanley had kept firings limited to several hundred underperforming financial advisers earlier in 2011, but is now extending the cuts to banking and trading.
(Excerpt) Read more at finance.yahoo.com ...
Thank you Dodd-Frank! The employment levels are never returning for the financial services industry, unlike past recessions in the industry. When the difficult times end, watch carefully for job growth in other parts of the world. The financial services industry will move to escape the clutches of Dodd-Frank. Tens of thousands of great jobs will be lost and never created again in the US.
during this regime, anyway.
Everyone of these banks got TARP money. Where did it go? Oh, yeah. In the pockets of Bush’s and Paulsen’s and obama’s and Frank’s and Dodd’s buddies.
I saw an article in IBD quoting the outgoing chairman of the American Bankers Association that Dodd-Frank, alone, "could result in 2.9 million fewer jobs being created" by 2015.
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