Morgan Stanley to Trim Workforce by 3%, Affecting Investment Banking and Asset Management

Deep News03-05 07:30

Morgan Stanley is set to reduce its workforce by approximately 3%, a global cutback that will impact employees in its investment banking and trading divisions, as well as staff in its wealth and asset management businesses.

According to informed sources who requested anonymity due to the non-public nature of the information, the layoffs will affect both front-office and back-office personnel. The sources indicated that the reductions are related to individual performance and also reflect adjustments in business priorities and office location strategy.

This workforce reduction comes after Morgan Stanley reported record annual net profit over the past year and approved a 32% pay increase for CEO Ted Pick. For a company with approximately 83,000 employees, the layoffs would affect nearly 2,500 staff members.

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