Morgan Stanley Begins Layoffs

Hard times have come to Wall Street, with Morgan Stanley beginning the first round in a projected 1,600 layoffs. The company filed a notice with the New York State Department of Labor, saying it will slash 580 jobs in the city. It cited “economic” woes as the reason. Earlier this month, Morgan Stanley announced it would cut 1,600 jobs, or 2.6 percent of its workforce, by the first quarter of 2012. The company isn’t alone: Citigroup recently announced it would cut 4,500 jobs, and Bank of America and Goldman Sachs have announced layoffs as well.