Morgan Staneley is planning to lay off nearly 2,000 employees later this month in an effort to improve operational efficiency. According to a source cited by Reuters, the decision is part of the bank’s strategy to streamline its workforce.
Morgan Stanley plans to cut 2 per cet to 3 per cent of its workforce excluding financial as part of its efforts to improve operational efficiency, according to a source who requested anonymity. . The company had over 80,000 employees worldwide by the end of 2024. The source also clarified that the layoffs are not linked to current market conditions.
Morgan Stanley’s decision comes amid a wave of job cuts by Wall Street banks in recent weeks as they brace for economic uncertainty especially following new tariffs announced by former President Donald Trump. Meanwhile, rival Goldman Sachs has accelerated its annual performance review process and plans to reduce its workforce by 3 per cent to 5 per cent.
Bank of America also recently laid off 150 junior bankers from its investment banking division. Many in the industry had anticipated a strong rebound in capital markets following Donald Trump’s re-election but uncertainty over trade policies has made businesses cautious about major financial decisions.
Morgan Stanley Co-President Daniel Simkowitz stated that new stock offerings and mergers are either on hold or facing tougher conditions due to policy uncertainties. Despite this, the bank is continuing to expand its senior investment banking team.
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