STEVE INSKEEP, HOST:

NPR's business news starts with job cuts on Wall Street.

(SOUNDBITE OF MUSIC)

INSKEEP: The investment bank Morgan Stanley has announced plans to shed 1,600 jobs - about half of those cuts here in the United States. The layoffs are said to target senior employees, management and executives - a move seen as aimed at cutting costs and boosting equity returns for the banks' investors. Those returns are still down about a quarter from the levels seen before the 2008 financial crisis.

Copyright © 2013 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and Terms of Use. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.