By Leah Montebello
Morgan Stanley is set to cut about two per cent of staff according to CNBC sources.
It comes after chief executive James Gorman said last week that the investment bank would need to make ‘modest’ job cuts as sluggish markets weigh on profits.
“Some people are going to be let go,” Gorman said at the Reuters NEXT conference, without specifying numbers. “We’re making some modest cuts all over the globe. In most businesses, that’s what you do after many years of growth.”
According to a recent company filing, Morgan Stanley had a workforce of 81,567 people worldwide at the end of the third quarter.
Banks have had a tough time this year as big firms delay dealmaking amid high inflation and wider macroeconomic uncertainty.
The largest five US investment banks have seen their revenue dip by nearly 50 per cent during the last three quarters.
News of job cuts puts the investment titan alongside tech and media firms, which have been forced to make a number of significant cuts in recent months to their headcount.
Morgan Stanley were not immediately available to comment on these reports.
The post Morgan Stanley cuts two per cent of jobs in ‘modest’ cull – reports appeared first on CityAM.
