In 2007, the New York investment bank, Morgan Stanley (now recognized as a Bank Holding Company), firstly slashed almost 5,000 jobs and has now announced it is slashing yet more jobs; 10% of employees in its main business, the institutional securities unit. The company employees just less than 47,000 employees, and a majority of that population works in the institutional securities unit. The Morgan Stanley co-president James Gorman offered a cautious outlook and said the company would continue (and increase) operating in equity derivatives, commodities, credit, mergers and acquisitions, cash trading, principal investments, proprietary trading, and more. These job cuts, again, are a direct consequence of the financial crisis.

Today in other news, the Dow plunged and happening now in after-hours trading, Japan’s Niki is trading already 5% down. Google’s stock is also taking a hit as its now trading below $300 per share, which is very significant because Read the full story