It has been reported that Morgan Stanley will be reducing its global workforce by about 3,000 jobs in the second quarter through a new round of job cuts. As of the end of March, the bank employed over 82,000 people. Unfortunately, a layoff is coming that will impact almost 4% of the staff.
The cuts come just months after the firm trimmed about 2% of its workforce. “We’re comfortable with where we are,” Chief Financial Officer Sharon Yeshaya had said in January when asked if more job cuts were being considered after a 2% reduction late last year. Morgan Stanley, in December cut roughly 1,600 jobs.
However, Chief Executive Officer James P. Gorman had said in December that the bank would make “modest” job cuts worldwide without giving an exact number. “Some people are going to be let go,” Gorman said. “In most businesses, that’s what you do after many years of growth.”
Morgan Stanley reported a 24% decline in investment banking revenue last month, which was caused by a decrease in mergers, initial public offerings, and debt financing activities.
It’s important to note that Morgan Stanley is not the only bank cutting jobs; other banks like Goldman Sachs Group Inc. have already cut over 3,200 jobs. Despite wanting to grow its wealth business, Goldman Sachs is currently dealing with various challenges.
James P. Gorman was recently ranked No. 1 in a list of the world’s best CEOs for 2023; meanwhile, Morgan Stanley ranked No. 6 in the CEOWORLD magazine’s ranking of the most influential companies in the world.
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