Morgan Stanley Sees Slowing Business, Downsizes 2% Workforce

Morgan Stanley MS has trimmed its workforce by about 2%, affecting around 1,600 positions.
CNBC first reported the job cuts. The move follows workforce reductions at Goldman Sachs Group Inc GS and Citigroup Inc C.
Last week, Morgan Stanley's CEO said the company is making modest job cuts amid sluggish deal markets.
Related: Morgan Stanley May Lay Off Additional Employees As Dealmaking Business Slows.
According to a quarterly filing, the bank had more than 81,000 employees worldwide as of Sept. 30.
Due to high inflation, companies have put a hold on dealmaking pressuring investment banks.
The wealth management division, top-tier trading and advisory operations, and financial advisors are among the few categories that will not witness layoffs.
In August, Morgan Stanley ordered one of its internal lawyers to be on its U.S. equity syndicate desk to supervise bankers and answer their legal questions as the unit landed into a federal investigation for block trading.
Price Action: MS shares closed at $87.55 on Tuesday.
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