Morgan Stanley to cut 1,000 jobs as markets slow
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Morgan Stanley  will slash more than 1,000 jobs in the coming week, trimming costs ahead of what it expects will be a tougher business environment, a person briefed on the moves said on Thursday.
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U.S. investment bank Morgan Stanley  MWD.N on Wednesday said quarterly profit dropped by a third  on lower bond trading revenue, weak equities results and higher  expenses, falling short of Wall Street's low expectations and  pushing its shares down as much as 8 percent.
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Stocks fell on Wednesday after investment bank Morgan Stanley (MWD.N: Quote, Profile, Research) said quarterly profit fell, casting doubt on corporate profit growth, while a brokerage downgrade on Cisco Systems Inc.
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General Motors of Canada will cut about 1,100 jobs at a truck plant in Ontario amid slumping pickup sales, the company said.
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Morgan Stanley and Bear Stearns Cos. said fiscal third-quarter earnings fell, their first declines in more than a year. The results sparked concern that Wall Street profits are slowing, and shares of many securities firms dropped.
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Merrill Lynch & Co  plans to announce about 1,600 layoffs after disclosing fourth-quarter write-downs, CNBC reported on Thursday.
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Morgan Stanley  on Wednesday  said it has suffered a $3.7 billion loss stemming from its U.S.  subprime mortgage exposure, which it expects will reduce  fourth-quarter earnings by about $2.5 billion.
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The Co-op is set to make 1,000 staff redundant from its financial services arm, a report says.
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Motorola Inc. plans to eliminate 1,000 jobs in the spinoff of its semiconductor unit, the company said Tuesday in a filing with government regulators.
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After a challenging year, Yahoo posted a 23 percent decline in fourth-quarter profits and announced plans to cut 1,000 positions.
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In a move that will shed 1,300 jobs, Lehman Brothers said it would stop wholesale mortgage lending amid a continued slump in credit and housing.
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U.S. investment bank Morgan Stanley  MWD.N on Wednesday said quarterly profit dropped by a third  on lower bond trading revenue and higher expenses, falling  short of Wall Street's low expectations and pushing its shares  down as much as 8 percent.
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Employers cut jobs for the first time in four years last month, the government reported yesterday, driving stock prices down in the United States and Europe and raising fears the slowdown in the housing and credit markets brought on by the crisis in subprime mortgages is spreading across the economy.
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Motorola, the world&#39;s second largest mobile phone maker, is cutting 1,000 jobs although its core cellphone business will be unaffected.
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About 1,000 jobs will go at Morgan Stanley as the US bank cuts back its home lending business.
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Investor's Business Daily - U.S. corporations announced plans to cut 74,986 jobs, up from Dec's 44,416 and 19% above a year ago, according to outplacement firm Challenger, Gray & Christmas. Financial firms slashed 15,789 jobs and drug makers planned to ax 7,628 positions. Job cuts remain below levels of the '01 recession, Challenger said.
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Asset manager Putnam Investments on Monday said it planned to cut roughly 100 jobs to be more competitive. Putnam&#39;s corporate parent Marsh &amp; McLennan Cos.