– Morgan Stanley Prepares To Cut 3,000 Jobs As M&A Activity Sours:
Morgan Stanley is planning to eliminate 3,000 jobs in the second quarter amid the continued slowdown in the merger and acquisition (M&A) space and increasing concerns about recession, as per a source cited by Bloomberg.
“Senior managers are discussing plans to eliminate about 3,000 jobs from the global workforce by the end of this quarter,” according to the source.
This proposed downsizing would equate to roughly a 5% reduction, excluding financial advisors and their support staff in the wealth management division. As of the fourth quarter of 2022, the New York-based investment bank had a workforce of 82,427 employees.
In a separate report, a Reuters source said muted M&A activity and mounting macroeconomic headwinds prompted Morgan Stanley to push forward with headcount reductions to trim costs.
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