Morgan Stanley to Cut 580 Jobs in New York - NYTimes.com

Morgan Stanley to Cut 580 Jobs in New York - NYTimes.com

Morgan Stanley will slash 580 jobs in New York as part of a broader wave of layoffs underway at the bank, according to a public filing.

In a notice filed with the New York State Department of Labor, Morgan Stanley cited “economic” woes as the cause of the layoffs. The cuts began Dec. 15 on a “rolling” basis, according to the filing, known as a WARN, or Worker Adjustment and Retraining Notification.

Earlier this month, Morgan Stanley said it would cut 1,600 jobs, or 2.6 percent of its work force, by the first quarter of 2012. The bank plans to spread the round of reductions across all divisions, including investment banking and trading.

I guess that means the ranks of the 99% can keep swelling.