Morgan Stanley Cuts 3 % of Jobs Across All of Its Business Lines

Описание: Morgan Stanley is eliminating about 3% of its global workforce, targeting employees in its investment-banking and trading businesses as well as the wealth and asset-management operations.
The dismissals affect both front- and back-office workers, a person familiar with the matter said. The moves are tied to individual performance as well as a change in business priorities and location strategies, the person said, asking not to be identified discussing private information. Bloomberg's Herman Chan joins to discuss on Bloomberg Intelligence. Last year, the New York-based firm posted record net income and bumped Chief Executive Officer Ted Pick’s pay 32%. For the roughly 83,000-person firm, the staff cuts total nearly 2,500 workers.
CEO Ted Pick
Efforts to keep a lid on expenses resulted in the most job cuts in almost a decade last year at the biggest US banks. The six largest firms — JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley — had a combined 1.09 million employees at the end of December. That was down about 10,600 from a year earlier, to the lowest level since 2021. The last time the group eliminated so many jobs was in 2016, when headcount fell by roughly 22,000 from the previous year.
Several finance firms have announced job cuts this year, with some citing productivity gains from artificial intelligence as one cause. Jack Dorsey’s Block Inc. is reducing headcount by 4,000, cutting the workforce in half as the financial-technology firm restructures its business model. Amazon.com Inc. and Salesforce Inc. are among other firms that have pointed to AI as they shrink headcount.
HSBC Holdings Plc eliminated 10% of its US-based debt capital-markets team earlier this year after announcing a revamp of the business in October. 
Many of Morgan Stanley’s dismissals took place on Wednesday, though they’ve been underway since last week, the Wall Street Journal reported


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