Morgan Stanley laying off 2% of workforce: reports


Morgan Stanley MS, -2.56% on Tuesday reduced its employee count by 2% or 1,600 of the bank’s 81,567 employees, according to reports. The move comes after Morgan Stanley hired 3,181 people between June 30 and Sept. 30, according to disclosures from the bank. Morgan Stanley CEO James Gorman said at a conference last week that the bank would carry out “modest cuts” to its workforce. The Wall Street Journal reported the job cuts, citing people familiar with the bank after CNBC-TV initially reported the move. Investment banks have been re-introducing performance reviews and subsequent layoffs this year after suspending them during the COVID-19 lockdown. Shares of Morgan Stanley fell 2.7% on Tuesday amid steep losses in the financial sector on recession jitters.

This article was originally published by Read the original article here.

Previous articleDow Jones Newswires: Electric-vehicle maker VinFast Auto files for U.S. IPO
Next articleGerman police carry out raids across country over plot to overthrow government


Please enter your comment!
Please enter your name here