Key Takeaways
- Morgan Stanley is planning to cut about 2,000 jobs, Bloomberg reported Tuesday.
- The cuts will be largely performance and location-based, and take place across departments, per the report.
- The layoffs will impact roughly 2.5% of the bank’s nearly 80,500 stated employees, as of its latest earnings report.
Morgan Stanley (MS) is preparing to lay off about 2,000 employees this month to cut costs, according to a Tuesday Bloomberg report.
Citing people familiar with the matter, Bloomberg reported that the bank is looking to cut costs amid low turnover among employees. Banks are also dealing with recent turmoil in the markets with the uncertainty brought on by the Trump administration’s planned tariffs.
The job cuts will take place across different segments of the company, outside of its 15,000 financial advisors, according to Bloomberg. In its latest earnings report, Morgan Stanley said it had just under 80,500 employees, putting the layoffs at around 2.5% of the bank’s workforce.
Bloomberg reported that Morgan Stanley co-president Dan Simkowitz said at a Tuesday conference that it seemed new stock sales and merger and acquisition deals were “certainly on pause” amid the current market uncertainty.
Some of the job cuts will be performance-based, while others are based on location or new automation and artificial intelligence efforts inside the bank, per Bloomberg.
Morgan Stanley did not immediately respond to a request for comment. Shares of the bank were up slightly early Wednesday, and have gained around 34% in the last 12 months through Tuesday’s close.
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