Morgan Stanley Plans Fresh Round Of Job Cuts: Report

Morgan Stanley MS plans to cut jobs to save costs amid rising recessionary pressure.
Management expects to curtail around 3,000 jobs globally by the end of Q2 2023, as per Bloomberg.
The company plans to retain employees (including advisers) from the wealth management division from the headcount reduction, which accounts for about 5% of employees.
Last month, the CEO, James Gorman, commented that underwriting and mergers activity is subdued, and he doesn’t expect a rebound before the H2 2023 or 2024, as per the report.
In December 2022, MS had trimmed its workforce by about 2%, affecting around 1,600 positions.
Last month, Morgan Stanley reported a Q1 earnings beat, but profits declined on a Y/Y basis on lower revenues across Investment Banking (-24% Y/Y), Equity (-14% Y/Y), and Fixed Income (-12% Y/Y) businesses.
Also Read: These Analysts Revise Price Targets On Morgan Stanley After Q1 Results
Price Action: MS shares are trading higher by 0.08% at $88.00 premarket on the last check Tuesday.