Morgan Stanley (MS) will axe 580 jobs in various sites in New York City due to economic reasons. The rolling layoffs began on Dec. 15 and the company has not identified a closing date, company filings with the New York State Department of Labor showed Tuesday.
The cuts in New York City represent 36 percent of the 1,600 jobs Morgan Stanley said it will reduce globally in an earlier announcement.
The scale of total job cuts will amount to about 2.6 percent of the 62,648 employees the firm had at the end of September, according to the investment bank's quarterly filings with the Securities and Exchange Commission.
In December, three major investment banks announced one after another that they will slash jobs in New York for economic reasons, according to company filings.
On Dec. 9, Citigroup Inc. (C) announced it will cut 413 positions at various locations in New York City by the end of this year. Speaking at a Goldman Sachs investor conference,Citigroup's Chief Executive Officer Vikram Pandit said the bank will eliminate a total of 4,500 jobs "over the next few quarters."