Morgan Stanley could reportedly layoff 3% of its workforce, or roughly 2,500 employees|Icc1977|CC BY-SA 4.0
Morgan Stanley plans to lay off about 3% of its workforce, or roughly 2,500 employees, according to the Wall Street Journal. The bank has around 83,000 workers worldwide.
The job cuts affect all three main divisions: investment banking and trading, wealth management, and investment management.
The layoffs are linked to changing business priorities, location shifts, and individual performance. Employees in the US and other countries are impacted.
Many layoffs happened on Wednesday, though some began last week. In the wealth-management unit, the cuts include private bankers and back-office staff, including employees who help wealthy clients with mortgages.
The move comes despite a banger 2025 for banks. Morgan Stanley reported record revenue in investment banking and trading, while wealth-management revenue rose 13% in the fourth quarter.
Banking and other financial services have cut several thousand jobs in the past year as AI makes work more efficient. Block recently laid off 40% of its workforce.