A decision by Morgan Stanley Group Inc. to keep its U.S. corporate headquarters in New York City is expected to save 4,100 city jobs and generate $911 million in city and state taxes over the next 10 years, the city and New York State said yesterday.

The move also should save Morgan Stanley, a co-manager in the city's underwriting syndicate, $39.6 million in net present-value savings in the same period, New York City Mayor David N. Dinkins and Gov. Mario M. Cuomo said in a press release announcing that the firm would stay.

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