Layoff Watch: Morgan Stanley, DLA Piper and more

Layoffs continue to add up as illustrated by the Labor Department's announcement that the initial jobless benefit claims are around 623,000 for the season, bringing the total number of unemployment recipients to 6.3 million. Contributing to those figures are layoffs both in finance and law. Here are the latest rumors and reports.

The layoffs at Morgan Stanley apparently began Tuesday in the equity derivatives department, according to Dealbreaker.

Rumors continue that Goldman, Sachs & Co. may lay off 10% of its global work force.

Putnam Investments laid off 260 people Thursday, according to The Boston Globe.

County Bank's 500 employees are in limbo. The bank was recently taken over by the FDIC and its assets acquired by Westamerica, which is making no job guarantees to employees.

Meanwhile, Thursday the legal world saw a massive bloodletting as eight major firms let go 800 staffers, according to the National Law Journal. Some of the notable firms include:

• Goodwin Procter LLP laid off 38 associates and 36 staff.
• DLA Piper cut 80 associates, primarily West Coast-based. The other 28 associates were based in New York and Chicago. DLA also let go of 100 staff members nationwide.
• Holland & Knight LLP cut 70 lawyers and 173 support staff.
• Dechert LLP laid off 19 attorneys.
• Cozen O'Connor laid off 61 support staff.
• Bryan Cave LLP cut 58 attorneys and 76 staff.

Another law firm not included in NLJ's list, but reducing staff, is Merchant & Gould PC, which is cutting 33 jobs.

It's a rough time, but there are jobs out there. Barclays plc is hiring in Asia. For the latest job postings, check out TheDeal.com's Career Center. For a roundup of all of the announced layoffs to date, check out The Deal's Pink slips on Wall Street Dealwatch. - Maria Woehr