Morgan Stanley and Baltimore Job Market: What's the Deal?

The news that Morgan Stanley is planning to cut some 1600 jobs is worrying many of those working for the agency in the Baltimore job market. The problem is, the company has not stated how the job cuts will impact the Baltimore job market. The company has said it plans to cut some 1600 jobs in the early portion of 2012, though. That is enough to get many people worried.

The Morgan Stanley job cuts will amount to about two percent of the company's total workforce. The company's spokeswoman, Sandra Hernandez, had this to say about the move. "As we conduct our year end performance management process and eventually the right size of the franchise for 2012, we anticipate the elimination of approximately 1600 positions across the firm globally impacting all job levels, to take place early in the first quarter of 2012." That has many in the Baltimore market worried.

According to reports, the company employs about 508 people in the Baltimore area. Morgan Stanley has a large building at Harbor Point currently. Those who work there handle a wide range of tasks for the company, including wealth management and global investment banking sectors. All levels of staffing, including support workers, are employed there.

Can Baltimore handle another loss of jobs? If you are living and working in Baltimore, will the cut from Morgan Stanley affect you either directly or indirectly? For those searching for a job, this may mean a new influx of competitors for the few positions available. That could mean more trouble for the Baltimore job market as a whole.