Morgan Stanley, owner of the world’s largest brokerage, is closing its Princeton, New Jersey, office and will move the location’s 95 employees elsewhere, according to a person briefed on the matter.
Morgan Stanley filed a notice with the New Jersey labor department this month alerting it of the decision. The New York-based bank is offering the staff, most of whom work in technology and data, roles in other locations, said the person, who asked not to be named because the moves haven’t been publicly announced.
Chief Executive Officer James Gorman, 54, has pledged to cut $1.6 billion in costs over the next two years as he seeks to double return on equity even without an improvement in markets. The firm last year expanded its space in lower Manhattan’s 1 New York Plaza to consolidate operations that were previously spread over Brooklyn, Manhattan and Jersey City, New Jersey.