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DealBook: Morgan Stanley to Cut 580 Jobs in New York
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 notice, or Worker Adjustment and Retraining Notification. Earlier this month, Morgan Stanley said it would cut 1,600 jobs, or 2.6 percent ... more→
Postal Service Holds Back on Closures
Giving Congress more time to consider alternatives, the service held back from the wholesale closures of thousands of mostly rural post offices or slowing down mail delivery, as it had proposed earlier. Postmaster General Patrick R. Donahoe said the latest plan would take two years to put into effect and would save $500 million a year. That would not be nearly enough to fill its multibillion-dollar shortfalls.“The plan today will ensure rural communities will be served by the postal service,” Mr. Donahoe said. “It ... more→