Despite the ongoing global financial crisis, top brokerage firm Morgan Stanley is reportedly preparing to cut nearly 3,000 jobs in its second round of job cuts.
Senior management are debating strategies to cut nearly 3,000 employees, or about 5% of its worldwide staff, by the end of current quarter, according to a Bloomberg story citing sources.
The Morgan Stanley wealth management division's financial advisors and those who assist them would be affected by the job layoffs, according to the article.
About 82,000 people are employed by Morgan Stanley, which declined to comment on the report.
Morgan Stanley's earnings decreased from the same period last year in the first quarter. According to the study, the company reported a 32% reduction in its merger advising business and a 22% fall in its equity-underwriting business.
The multinational financial advice business let off 1,600 workers, or nearly 2% of its worldwide staff, in December 2022.
The layoffs followed previous warnings from Morgan Stanley CEO James Gordon that “some people are going to be let go.”
In decreasing their personnel, Morgan Stanley followed competitor Goldman Sachs and other investment companies like Citigroup and Barclays.
In January, Goldman Sachs made one of its largest reductions in staff, cutting around 3,200 positions.
In recent years, Morgan Stanley's employee count has increased. The number of employees at the bank increased by 34% between the first quarter of 2020 and the third quarter of 2022.
