Investment bank Morgan Stanley will close its call center in Oakland, CA, as part of a downsizing at the company's Internet-based retail unit.
About 260 support personnel will be cut as part of the downsizing. Morgan Stanley said it would offer positions as consultants or with other company units to 65 of the laid-off employees.
Call centers in Tampa, FL, and West Valley, UT, will continue to operate in support of the Internet-retail unit, the company said.
“In light of the current market environment and business volumes, we have consolidated our online investing operations,” company spokesman Bret Gallaway said.
No further details about the call center closing were released.
The company has 46 branch offices in northern California and 1,200 financial advisers who will be unaffected, Gallaway said. The Internet-based retail unit is based in San Francisco.
