Financial services company Morgan Stanley is to axe 120 IT jobs
worldwide.
The job losses, announced internally last week, will alarm IT
professionals in the finance sector. Analysts had predicted that
the jobs of full-time IT staff were relatively secure because
companies would lay-off contractors first to protect their
permanent employees.
The job cuts at Morgan Stanley, which manages funds worth more than
£300bn worldwide, are understood to be an attempt to cut costs
following the slump in the economy.
The losses cover various sections of the company's IT department.
About 80 jobs will go in the US. The firm did not reveal whether UK
IT staff would be affected.
Last week Computer Weekly reported that Zurich Financial Services
is to lay off more than one third of its IT staff, following the
collapse of a proposed outsourcing deal.
