Morgan Stanley's Van Kampen has consolidated its back office operations in two locations. The move means that the firm has closed its Kansas City office and let go 128 employees. The news was broken to the employees in November confirmed a spokesperson for the firm. She added that no more job cuts are expected because of the consolidation.

The job cuts hit staff in all back office areas ranging form fund accounting to human resources. Also hit were regulatory oversight, quality control, cash management and technical services.

The decision to consolidate the work in the firm's Houston and Jersey City, New Jersey offices was made in response to market conditions and the strategic reasons, according to the spokesperson. The firm will also be adding some positions in both offices to absorb the increased work. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE