Update: Morgan Stanley Denies Plans for Job Cuts

04/04/01 - 02:49 PM EDT

Aileen Gallagher

Updated from 9:11 a.m. ET

As part of a plan to cut $1 billion in costs, Morgan Stanley (MWD Quote) is mulling the possibility of laying off 1,000 brokers, according to a published report Wednesday.

The targeted jobs make up about 7% of the firm's brokerage force. An additional 500 jobs in the support staff, investment banking, trading and research units are also at risk, reports The Wall Street Journal. The total cuts represent about 2.5% of Morgan Stanley's workforce. Morgan Stanley later denied having plans to cut jobs in the division.

Shares of the New York-based securities firm lost $3.35, or 6.8%, to $45.76 in recent Big Board action.

Your Recent Quotes: Quote Up0 | Quote Down0
 
Dow S&P 500 NASDAQ
Oil*
65.43
8,280.74
896.42
1,796.52
10 Yr
3.50%
223.32
26.91
49.20
-2.63%
-2.91%
-2.67%
Data delayed 20 min
Get Jim Cramer's Free Newsletter

The Daily Booyah!
Get your daily dose of Cramer in your inbox.
Submit
We respect your privacy.

Premium Stock Ideas
Access Action Alerts Plus to find out Cramer's latest picks now!

Brokerage Partners