Saturday, January 31, 2009

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Morgan Stanley, Goldman mull further job cuts

Morgan Stanley (MS.N) and Goldman Sachs (GS.N) are considering further cuts in staff, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The cuts could affect back-office and support functions including technology, infrastructure and human resources, the paper added.

Morgan Stanley is considering laying off up to 5 percent of its 47,000 employees, while Goldman Sachs is also contemplating further cuts in staff after letting go about 10 percent of its employees late last year, the paper said.

Morgan Stanley, which let go of about 7,000 employees last year, may decide on another round of staffing cuts in the next two weeks, the paper wrote.


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