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Gallup: Family of four needs an average $58,000 a year
NEW YORK, Jan. 9 (UPI) -- Banking giant Morgan Stanley said it would cut 800 jobs in the United States and 800 jobs abroad in a cost-cutting measure.
In October, the bank's Chief Executive Officer James Gorman said there was "way too much capacity and compensation is way too high," referring to the banking industry overall, the Financial Times reported Wednesday.
A spokeswoman for the bank this week said the job cuts would be in the bank's profitable institutional securities division, which includes corporate lending and work in mergers and acquisitions.
The spokeswoman also said that many of the cuts would affect senior positions, including managing directors and executive directors.
In October, Gorman said payroll expense "comes down because the amount of people in the business comes down."
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TEHRAN, May 21 (UPI) --
Iran will invest $16 billion in development of the offshore South Pars gas complex over the next 10 months, a natural gas company director said.
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RIO DE JANEIRO, May 20 (UPI) --
Sweden's Saab is upgrading its bid for Brazil's FX-2 jet fighter purchase plan, even as it weighs challenges from rivals Boeing and France's Dassault.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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