Morgan Stanley to Cut 5 percent of Jobs: Report

05 May 2008 @ 11:58 pm EDT

Morgan Stanley will eliminate about 5 percent of its jobs, according to a report.

The Wall Street bank will cut jobs across all its units but exclude its brokers, CNBC reported.

People at the company say CEO John Mack believes the cuts will last through the end of June, and may be the last cuts this year. The company had previously announced a separate 5 percent cut.

Mack's plan is to cut 10 percent of workers this year, but is leaving open options to cut more if the economic environment does not improve those people said, according to CNBC.

This article is copyrighted by International Business Times.

E-Newsletters

We value your privacy. Your email address will not be shared.

Home
World
US
Economy
Companies
Tech
Science
Global Markets
Education
Real Estate
Forex
Commodities
Gold & Silver Matters
More Sections
Fashion
Auto
Travel
Health
Law
Entertainment
Sports
Luxury
Art
Books
Tech & Trend
Tools & Features
Topics
Blogs
Market Data
Stock Watch List
Investment Calculator
Financial Glossary
Broker Center
World Business Headlines
Updates
RSS Feeds
IBTimes on Twitter
IBTimes on Facebook
E-Newsletters
Services
Forex Newsfeed
Research
Press Release
About IBTimes
News Licensing
Media Kit
Advertise with Us
About IBTimes
Contact Us
Terms of Service
Privacy Policy