Morgan Stanley is planning to axe about 3,000 jobs in the second round of layoffs in the last six months.
A source said the layoffs are expected to occur globally, except for the wealth management division that includes financial advisers.
The bank is considering the move due to challenging market conditions caused by the Federal Reserve’s war on inflation and the ongoing banking crisis.
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Last month, Morgan Stanley finance head Sharon Yeshaya said “expense management” was at the top of the list due to market uncertainties and high inflation.
Investment banks have suffered from a decline in dealmaking, which has significantly impacted Morgan Stanley’s investment banking revenue.
It suffered a 24 percent drop last month, caused by a slowdown in mergers, initial public offerings, and debt financing.
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Morgan Stanley has not commented on the reported layoffs, first reported by Bloomberg News.
In December, the bank’s CEO James Gorman announced plans for “modest” job losses globally without specifying the number of layoffs.
The company currently employs around 82,500 people worldwide.
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