Boston, MA 03/20/2013 (wallstreetpr) –Global financial services company Morgan Stanley (NYSE:MS) (Current: $22.86, Up by: 2.10%) is reportedly shutting down its office in Princeton, New Jersey. Over 95 employees working at Princeton office will be shifted to the Company’s other locations.
This month, Morgan Stanley notified the labor department of New Jersey about its latest move. The bank said the employees, majority of which are in technology and data roles, will be offered jobs in Morgan Stanley’s other offices. Morgan Stanley has more than 1,200 offices in 43 countries.
For the fourth-quarter ended December 31, 2012, Morgan Stanley recorded net revenues of $7.0 billion, compared with $5.7 billion in the year-ago period. Full year net revenues fell to $26.1 billion from $32.2 billion net reported in the year ago period.
The company’s chief executive officer, James Gorman has taken an initiative to cut $1.6 billion in costs over the next two years. With this, he aims to double return on equity even if the market doesn’t show any improvement.
On the other hand, Morgan Stanley has charged Barney Greengrass with a claim that he owed $940,550 plus interest as he left the bank before fulfilling the bonus terms. In this case, the bonus was given in the form of a loan to be gradually paid over some specified number of years. In December 2010, Morgan Stanley filed its arbitration claim against Greengrass, after which in April 2011 Greengrass fled. Now, MS is asking for more than $2 million in damages.
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