NEW YORK — Financial services giant Morgan Stanley will cut 580 New York City jobs in the coming months, the New York Times reported.
According to a notice filed with the State Department of Labor Tuesday, over a third of the firm’s impending layoffs will come from the four Manhattan branches. The notice cited economic woes as the reason for the cuts, which will occur by the first quarter of 2012.
The report follows an announcement on December 15th that the firm would eliminate 2.6 percent of its workforce or 1600 jobs nationwide.
Morgan Stanley is one of the last investment firms to announce major cutbacks this year. Bank of America, Barclays and UBS announced plans to cut tens of thousands of jobs over the next few years, according to the Huffington Post. The Times reported Citigroup would lay off 4,500 workers and Goldman Sachs would eliminate 230 positions in New York alone by March 2012.