Morgan Stanley cuts 2,000 jobs amid automation shift
Morgan Stanley, one of the leading investment banks, plans to lay off about 2,000 employees by the end of March. This decision aims to improve the bank's operational efficiency, as reported by Reuters.
Morgan Stanley, a global financial giant, intends to reduce its workforce by 2-3%, which means laying off around 2,000 people. According to Reuters, this decision is targeted at increasing the bank's operational efficiency. It's the first major wave of layoffs since Ted Pick took over as CEO in January 2024.
The layoffs will not affect the 15,000 financial advisors. The bank employed over 80,000 people at the end of 2024.
Reuters notes that the reductions are not related to the market situation but result from automation and location changes. Some employees will be replaced by artificial intelligence.
Preparing for tough Trump times
The layoffs at Morgan Stanley are another example of workforce reductions on Wall Street. Other banks, such as Goldman Sachs and Bank of America, are also decreasing their staff numbers.
Companies are preparing for tough economic times, especially after President Donald Trump announced new tariffs. Bank clients are uncertain about the future due to ongoing changes in trade policy.
