In another round of layoffs, Morgan Stanley is planning to cut about 3,000 jobs amid a renewed focus on expenses as recession fears delay a rebound in dealmaking, according to a Bloomberg report. The job cuts come just months after the company reduced its workforce by about 2 per cent.
Senior managers are discussing plans to cut about 3,000 jobs from the global workforce by the end of this quarter, According to the report quoting people with knowledge of the matter. That would amount to roughly 5 per cent of staff excluding financial advisers and personnel supporting them within the wealth management division.
The job cuts will affect the banking and trading group more, said the Bloomberg report. New York-based Morgan Stanley employs about 82,000 people currently.
Last month, Morgan Stanley Chief Executive Officer James Gorman said underwriting and mergers activity has been subdued and that he does not expect a rebound before the second half of this year or 2024.
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