Morgan Stanley plans to fire off almost 2,000 employees later this month. According to a source acquainted with the situation, the goal of this action is to improve operational efficiency.
The job losses would affect 2-3 per cent of the company's personnel, but financial advisers will be exempt, Reuters reports.
By the end of 2024, the investment bank had more than 80,000 workers worldwide. According to the source, the layoffs are not tied to current market conditions.
Numerous well-known banks have recently reduced their workforce as they prepare for economic uncertainty following United States of America President Donald Trump's freshly announced trade tariffs.
Goldman Sachs intends to cut its employment by 3-5 per cent as part of its annual review process.
Furthermore, Bank of America recently eliminated 150 junior banker positions in its investment banking sector.
It should be mentioned that bankers anticipated a robust bounce in stock markets following Trump's reelection. However, uncertainty over trade rules has made businesses wary of large financial investments.
Meanwhile, Daniel Simkowitz, Morgan Stanley Co-President, stated that fresh stock offerings and mergers are now on hold or subject to tougher criteria due to policy uncertainty. However, the bank continues to grow its senior investment banking team.
