Morgan Stanley prepares for an uncertain 2020 with 1,500 lay offs
(10 December 2019 -Global) Morgan Stanley is cutting about 1,500 jobs globally, accounting for roughly 2 percent of the bank’s workforce, as part of a year-end efficiency push.
The cuts are skewed toward technology and operations divisions, but also include executives in sales, trading and research operations, Bloomberg is reporting.
Other banks have also been trimming their costs this year, including Citigroup, which began cutting hundreds of jobs in July in response to challenging market conditions, and Deutsche Bank, which has vowed to cut 18,000 jobs across its business by 2022 as part of a restructuring plan.
Chief Executive Officer James Gorman began slashing a quarter of the fixed-income workforce in 2015 and sold off large pieces of the commodities operation, concluding that new rules had permanently damaged prospects for the industry. Morgan Stanley, which reported a 21 percent increase in fixed-income trading revenue in the third quarter, generated $5 billion from the business last year.
Subscribe