Morgan Stanley ‘axes 1,600 jobs’ worldwide

Multinational investment bank Morgan Stanley has reportedly cut about two per cent of its workforce.

Roughly 1,600 people have lost their jobs as a result of the move, according to reports.

Last week the bank's chief executive James Gorman announced that there would be "modest" cuts made across the organisation, but did not clarify how many roles would be axed.

"Some people are going to be let go," Gorman said at the Reuters NEXT conference. "We're making some modest cuts all over the globe. In most businesses, that's what you do after many years of growth."

The cuts, first reported by CBNC, come as a number of major banks trim their workforces.

In November, Barclays axed around 200 jobs in its corporate and investment banking division.

Credit Suisse is also looking to get rid of around 5,000 jobs in a bid to reduce costs.

FStech has approached Morgan Stanley for further comment.

    Share Story:

Recent Stories


Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.