Morgan Stanley to Lay-Off 1,600 Bankers and Support Staff
Pink slips will go out to 1,600 Morgan Stanley employees soon. The firm has Florida offices in Boca Raton and Miami, but details by office location were not disclosed. Half of the lay-offs are expected in the U.S., with the balance of staff reductions overseas. Highly paid investment bankers are targeted, as well support team members.
Click on the link to watch a video news report of the Morgan Stanley staff cuts from Bloomberg News.
According to an early 2012 New York Times article, “the average base pay for managing directors at Morgan Stanley has risen to $400,000 and to $600,000 at Goldman Sachs.” Most Wall Street employees, particularly bankers and senior executive, earn a large annual bonus which may be paid in cash or stock. Morgan Stanley capped 2011 cash bonuses at $125,000, according to the Times.
Overall, compensation and benefits expenses in the third quarter of 2012 were $1,638 million, up almost 8 percent from the comparable prior year quarter. As of September 30, 2012, the Company had 57,726 employees worldwide.
Morgan Stanley, a leading competitor to Goldman Sachs, conducts its business from its headquarters in and around New York City, its regional offices and branches throughout the U.S. and its principal offices in London, Tokyo, Hong Kong and other world financial centers.
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