Investment banking giant Morgan Stanley is reportedly facing significant layoffs, with up to 2,000 positions expected to be cut as part of a cost-management initiative. This figure represents approximately 2.5% of its total workforce of 80,000. Although Morgan Stanley has not confirmed these layoffs publicly, reports suggest that financial advisors, comprising around 15,000 employees, will be exempt. Layoff decisions will involve various criteria, including performance and location, as well as automation advancements, highlighting the firm's ongoing adjustment to market pressures under new CEO Ted Pick.
Morgan Stanley is reportedly poised to lay off approximately 2,000 employees as part of a cost-control strategy, taking place across its 80,000 workforce.
The impending layoffs are not publicly confirmed by Morgan Stanley, which has been approached for comment amid increasing scrutiny of its workforce management under new CEO Ted Pick.
Cuts are expected to impact around 2.5% of the workforce, with financial advisors being the only group reportedly spared from these layoffs.
Selection criteria for layoffs will include individual performance and geographical factors, while some roles will be cut due to advancements in AI technology.
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