2,000 jobs to go at Morgan Stanley

| February 1, 2009 | 0 Comments

US bank Morgan Stanley is set to eliminate further job losses this month. According to The Times, around 2,000 back-office jobs are set to go from its global workforce of 47,000.

Last year, the bank cut around 10% of its workforce.

It is believed that the 2,000 job losses will not affect the company’s financial advisers, who are paramount to the bank’s joint venture with Citigroup.

The deal with Citigroup is set to create the world’s largest wealth management business.

Meanwhile, according to a report in the Wall Street Journal, Goldman Sachs is also considering further headcount reductions.

Last September, Morgan Stanley, along with Goldman Sachs, changed status and received regulatory approval to convert themselves into traditional bank holding companies. The change occurred after the collapse of banking giant, Lehman Brothers, and the rescue of US insurer AIG.

In related news, pharmaceutical giant GlaxoSmithKline is to embark on a major cost-cutting drive which is expected to result in thousands of job losses.

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