Morgan Stanley Begins Layoffs

    The Morgan Stanley logo is displayed on its Times Square building, Tuesday, Oct. 18, 2011 in New York. Morgan Stanley said Wednesday, Oct. 19, 2011, it earned $2.2 billion in the third quarter, largely on accounting gains and increased investment banking revenue.  (AP Photo/Mark Lennihan)

    Mark Lennihan / AP Photo

    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.

    Read it at The New York Times