Morgan Stanley's revision stems from a broader office sector update tied to job opening data across REIT markets. The underlying concern is structural: white-collar employment trends directly shape office demand, and softening job openings signal a slower leasing recovery than previously modeled.
The reductions are expected to impact some 2,500 positions out of the roughly 83,000 the firm reported at the end of 2025. The exercise is global in nature, spanning the firm's three primary business units: Institutional Securities, Wealth Management, and Investment Management. The rationale for the reduction is a combination of shifting business priorities, a revised global location strategy, and individual performance reviews.
Elon Musk's bankers are looking to trim the debt that xAI has taken on over the past few years, following the company's merger with SpaceX, a new report from Bloomberg says. xAI has built up $18 billion in debt over the past few years, with some of this being attributed to the purchase of social media platform Twitter (now X) and the creation of the AI development company. Bankers are trying to create some kind of financing plan that would trim "some of the heavy interest costs" that come with the debt. The financing deal would help trim some of the financial burden that is currently present ahead of the plan to take SpaceX public sometime this year.
The Wall Street bank on Wednesday announced the appointment of 184 new managing directors - a roughly 6% increase from last year's class of 173 MDs. At Morgan Stanley, managing director is the firm's highest designation. The announcement comes amid the annual promotion season on Wall Street and follows Goldman Sachs' November elevation of more than 600 managing directors, part of a biennial process at the rival firm.
