Financial services firm discloses that of 1,600 cuts announced earlier this month, 580 will come from four New York locations Of the 1,600 job cuts announced earlier this month by Morgan Stanley, 580 will be at its home base in New York. The relentless tug of the dismal economy is hitting employees in the banking sector hard, and it’s no surprise that many of the job cuts are hitting the epicenter of the financial industry. Citigroup, with its headquarters a seven-minute drive up Park Avenue from Morgan Stanley in Manhattan, said recently that it would eliminate 4,500 jobs – or about 1.5% of its global workforce of 267,000 – over the next few quarters.