According to a Bloomberg story, Morgan Stanley is preparing to slash around 3,000 workers in another wave of layoffs as it refocuses on spending and worries about the recession prevent dealmaking from picking up. The corporation just decreased its employment by around 2%, and now there will be job layoffs.
According to a source citing persons with knowledge of the situation, senior management are debating strategies to eliminate around 3,000 employees from the worldwide workforce by the end of current quarter. If you exclude financial advisors and those who work in the wealth management section to assist them, it would be around 5% of the employees.
According to the Bloomberg article, the banking and trading sector would be disproportionately impacted by the job losses. Currently, Morgan Stanley, based in New York, employs about 82,000 people.
James Gorman, the CEO of Morgan Stanley, said last month that he does not see a return in underwriting and acquisitions activity until the second half of this year or 2024.