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Morgan Stanley job cuts create uncertainty for IT staff

Morgan Stanley job cuts create uncertainty for IT staff

Financial industry faces more restructuring

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Financial services giant Morgan Stanley is expected to cut 1,600 jobs across its global operations, creating uncertainty for UK based IT staff.

The investment bank is set to further reduce its workforce in the face of continued economic pressure from the Eurozone and slow growth in America, the Telegraph reports.   The move follows a decision by the company to reduce its workforce by 4,000 last year.

The job cuts are expected to amount to around 6 percent of Morgan Stanley's total global headcount, with at least half of redundancies to take place outside of the US.

Although senior employees and traders are expected to be among those affected, back office staff are likely to be among those facing redundancy, raising concerns for the safety of IT staff roles.    

An official announcement has not yet been made about the job losses, and a Morgan Stanley UK spokesperson was unable to the confirm whether IT staff here would be affected by any future restructuring.

Morgan Stanley has a large presence in the UK, employing more than 5,000 employees at its European headquarters in London, with a further 3,000 across other parts of Europe.

Last month it was revealed that another banking firm, Citigroup, would also be reducing its staff level, with losses expected among IT professionals.  Around half the 11,000 job losses being made are believed to be among backroom IT staff as the company attempts to claw back $900 million in cost cutting measures.

Other investment banks have also been cutting staff in the UK recently in moves to reduce costs, with UBS, Credit Suisse and Deutsche Bank all in the process of restructuring their businesses.

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