Morgan Stanley Sees Slowing Business, Downsizes 2% Workforce

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  • Morgan Stanley MS has trimmed its workforce by about 2%, affecting around 1,600 positions.
  • CNBC first reported the job cuts. The move follows workforce reductions at Goldman Sachs Group Inc GS and Citigroup Inc C.
  • Last week, Morgan Stanley's CEO said the company is making modest job cuts amid sluggish deal markets.
  • Related: Morgan Stanley May Lay Off Additional Employees As Dealmaking Business Slows.
  • According to a quarterly filing, the bank had more than 81,000 employees worldwide as of Sept. 30.
  • Due to high inflation, companies have put a hold on dealmaking pressuring investment banks.
  • The wealth management division, top-tier trading and advisory operations, and financial advisors are among the few categories that will not witness layoffs.
  • In August, Morgan Stanley ordered one of its internal lawyers to be on its U.S. equity syndicate desk to supervise bankers and answer their legal questions as the unit landed into a federal investigation for block trading.
  • Price Action: MS shares closed at $87.55 on Tuesday.
  • Photo via Wikimedia Commons
Posted In: Large CapNewsGeneralBriefs
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