Morgan Stanley Plans 2,000 Job Cuts to Boost Efficiency
Morgan Stanley is planning to lay off approximately 2,000 employees later this month in an effort to reduce costs and improve operational efficiency, according to a source familiar with the matter. The job cuts, representing around 2% to 3% of the company's workforce—excluding financial advisers—are not linked to current market conditions, the source told Reuters on Tuesday.
As of the end of 2024, Morgan Stanley had over 80,000 employees worldwide. The bank’s decision comes amid a wave of job cuts by Wall Street firms in recent weeks as they brace for economic uncertainty, particularly following President Donald Trump's newly announced tariffs on key trading partners.
Rival Goldman Sachs has also accelerated its annual performance review process and plans to reduce its workforce by 3% to 5%, Bloomberg News reported. Some of Morgan Stanley’s layoffs are performance-related, while others are tied to changes in the locations where the bank bases certain employees.
Many Wall Street bankers had anticipated a strong rebound in capital markets following Trump’s election, but so far, that optimism has not materialized. Market activity remains sluggish as clients navigate the uncertainty caused by the president’s shifting tariff policies.
