Layoffs: Morgan Stanley has reportedly sacked about 2 per cent of its workforce, affecting nearly 1,600 employees at the bank.
Morgan Stanley layoffs have also reportedly hit many employees now, just days after the global economy started pacing towards massive job loss. After tech and media layoffs that affected giants like Amazon, Meta, Twitter and CNN, Morgan Stanley too, is now reportedly affected by the move of sacking employees.
As per a Reuters report, Morgan Stanley has sacked about 2 per cent of its workforce. While the news of Morgan Stanley layoffs was reported by CNBC, the report suggests that about 1,600 employees are expected to be impacted with this.
Interestingly, these layoffs at Morgan Stanley follow workforce reductions at Goldman Sachs Group Inc., and Citigroup Inc., as per the report. It adds that as per a September 30 quarterly filing, the bank had more than 81,000 employees worldwide. However, as per Chief Executive Officer James Gorman, as cited in the report, the company is making “modest job cuts worldwide.”
While the exact numbers of job cuts at Morgan Stanley have still not been confirmed by the company, the report has mentioned that the financial advisers in the bank’s wealth management division are not being let go.
Morgan Stanley layoffs come as a big surprise for many as till now most eyes were mainly on tech and media layoffs. Since the global economic downturn is expected to impact many sectors, more layoffs are expected in the coming days. Apart from media and tech companies, even PepsiCo has reportedly announced some layoffs due to mounting economic pressures.