Morgan Stanley to cut 1,500 jobs globally

Morgan Stanley jobs cut

11 December 2019
| By Jassmyn |
image
image
expand image

Morgan Stanley will cut 1,500 jobs worldwide in a bid for efficiency and in preparation for macro uncertainties in 2020, according to reports.

People familiar with the situation told Bloomberg that the cuts would account for 2.5% of the investment bank’s global workforce.

A Financial Times report said the reduction was more than the bank typically made at the end of the year and reflected the lack of clarity on the outlook for 2020 including the US/China trade war, the US presidential election, and Brexit.

“It’s a robust cost management,” a person familiar to the situation said. “We’re not making a big call that the environment is going to be much worse next year… [but] we’re cautious that it might not be better.”

The cuts would be mostly from the firm’s technology and operations divisions and other cuts would be spread across the bank, from investment banking to wealth management and trading, and would include some managing directors.

“Two of the people said that the bank is not cutting back on tech investments and that the cuts partly reflect the fact that some activities can now be done more efficiently,” the FT said.

Bloomberg reported that the cuts would also include senior executives in its currency and bond desks in New York and London amid an investigation into its currency-options desk.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

11 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 16 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 14 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 17 hours ago