Morgan Stanley plans to lay off about 2 percent of its workers this week to help cut expenses as the market for investment banking grows tougher, according to several reports Thursday. A spokesman for Morgan Stanley confirmed the bank is cutting some jobs. He declined to confirm the number, which is believed to be about 1,000 workers. "The firm is engaged in an ongoing process of assessing its personnel needs in light of overall market conditions, business priorities and individual performance," the spokesman said in a statement. "This process will involve head-count reductions in some areas and additions in other areas."
See "Morgan Stanley cutting about 1,000 jobs", Associated Press, CNN, January 23, 2008