PINK SLIPS GO TO 300 AT MORGAN STANLEY
By PAUL THARP
JOHN MACK
Axes 300 more workers.
JOHN MACK
Axes 300 more workers.
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October 18, 2007 -- Wall Street has lost another 870 jobs in October alone over the housing recession, with hundreds of firings still ahead at top firms this year, experts said.
John Mack's Morgan Stanley was the latest brokerage giant to announce its pink slips yesterday, with 300 jobs, most of them here, slated to disappear in coming weeks.
Nomura, the global Japanese investment bank, also said it is firing 400 pros here in its mortgage securities unit, which will shut down. Another 170 are being laid off at Credit Suisse operations here.
"This is definitely the worst year on record for Wall Street and the financial services industry layoffs," said James Pedderson of Challenger, Gray & Christmas, which has tracked layoffs for 15 years.
Nearly 130,000 jobs in financial services already have been eliminated in the first nine months of the year, the company said.
"The question is how the loss of these high-paying financial services jobs impact cities such as New York and San Francisco where these positions are concentrated," said Pedderson.
In the mortgage industry itself, another 3,000 job cuts were announced yesterday at GMAC Financial Services. The company is restructuring its home mortgage group, Residential Capital LLC, and drastically scaling it down. The cuts are in addition to 2,000 announcedearlier.
The layoffs represent about 25 percent of its 12,000 mortgage employees.
Meanwhile, Mortgage Bankers Association economist Douglas Duncan said yesterday layoffs in his industry will soar in coming months.
Visit DiversityJobs.com for information on Diversity in the workplace
JOHN MACK
Axes 300 more workers.
JOHN MACK
Axes 300 more workers.
PrintEmailDigg ItRedditPermalinkStory Bottom
October 18, 2007 -- Wall Street has lost another 870 jobs in October alone over the housing recession, with hundreds of firings still ahead at top firms this year, experts said.
John Mack's Morgan Stanley was the latest brokerage giant to announce its pink slips yesterday, with 300 jobs, most of them here, slated to disappear in coming weeks.
Nomura, the global Japanese investment bank, also said it is firing 400 pros here in its mortgage securities unit, which will shut down. Another 170 are being laid off at Credit Suisse operations here.
"This is definitely the worst year on record for Wall Street and the financial services industry layoffs," said James Pedderson of Challenger, Gray & Christmas, which has tracked layoffs for 15 years.
Nearly 130,000 jobs in financial services already have been eliminated in the first nine months of the year, the company said.
"The question is how the loss of these high-paying financial services jobs impact cities such as New York and San Francisco where these positions are concentrated," said Pedderson.
In the mortgage industry itself, another 3,000 job cuts were announced yesterday at GMAC Financial Services. The company is restructuring its home mortgage group, Residential Capital LLC, and drastically scaling it down. The cuts are in addition to 2,000 announcedearlier.
The layoffs represent about 25 percent of its 12,000 mortgage employees.
Meanwhile, Mortgage Bankers Association economist Douglas Duncan said yesterday layoffs in his industry will soar in coming months.
Visit DiversityJobs.com for information on Diversity in the workplace
Labels: layoffs, Morgan Stanley
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