NEW YORK – Morgan Stanley said it will cut 580 jobs in New York as part of a round of layoffs currently underway at the bank.
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In a notice it filed with the New York State Department of Labor, Morgan Stanley cited the economy as the reason for the layoffs. It began making some of the cuts on Dec. 15. The job cuts in New York are part of a reduction it announced earlier of 1,600 jobs, or about 2.6% of its workforce.
The news follows an announcement by Citigroup that it will eliminate 4,500 jobs.
