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Takeaways
- Bloomberg reported that Morgan Stanley will be cutting about 2,000 positions.
- According to the report’s findings, the cuts are largely based upon performance and location and will occur across departments.
- The layoffs will impact roughly 2.5% of the bank's nearly 80,500 stated employees, as of its latest earnings report.
Bloomberg reported on Tuesday that Morgan Stanley (MS), in order to cut costs, is planning to lay off around 2,000 employees.
Bloomberg reported that citing sources familiar with the issue, the bank is looking for ways to cut costs in light of low employee turnover. The recent market turmoil brought on by Trump’s tariffs has also caused banks to deal with the recent turmoil.
Bloomberg reported that job cuts would be made across the company’s different segments, excluding its 15,000 advisors. In its latest earnings report, Morgan Stanley said it had just under 80,500 employees, putting the layoffs at around 2.5% of the bank's workforce.
Bloomberg reported that Morgan Stanley co-president Dan Simkowitz said at a Tuesday conference that it seemed new stock sales and merger and acquisition deals were "certainly on pause" amid the current market uncertainty.
Bloomberg reports that some job cuts are based upon performance, while other are based upon location, or on new automation and AI efforts within the bank.
Morgan Stanley didn’t immediately respond to our request for comment. Shares of the bank were up slightly early Wednesday, and have gained around 34% in the last 12 months through Tuesday's close.
