Just 452 of Morgan Stanley’s 3,000 layoffs are in New York
Morgan Stanley announced a month ago that it was cutting 3,000 jobs – and some details of who, what, and where are starting to emerge.
In a disclosure to the New York State Department of Labor, the bank announced 452 redundancies in New York City. With around 40% of its staff based in the city, it seems the bank’s staff outside of the city are going to be taking the brunt of layoff damages.
The majority of the 452 departures will be at the bank’s headquarters on Broadway (222 people at 1585 Broadway and 44 people at 1633 Broadway), as well as the bank’s offices on 7th Avenue (61 people) 5th Avenue (44 people), and the Avenue of the Americas (75 people in total). There are a smattering of individual layoffs at other locations around the city.
The disclosure, which was signed off by Nathan Marceau, one of the bank's directors of human resources, states that the redundancies "will begin on August 15, 2023, with the majority of terminations occurring on or after August 22, 2023."
As we understand the situation, the cuts will be focused on underperforming investment bankers and traders, with the bank’s wealth management arm at least somewhat immune. Given the decline in investment banking revenues, it might be expected that bankers would be at the forefront of the cuts. However, the bank has already cut fixed income, currency, and commodities (FICC) people in London and globally.
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