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Morgan Stanley (MS.US) plans to cut 2,000 jobs to control costs, with a 6% decline in stock price this year reflecting market concerns.
Morgan Stanley will start the first round of large-scale layoffs this month, led by the newly appointed CEO Ted Pick, planning to cut approximately 2,000 positions.
Erste Group Initiates Morgan Stanley(MS.US) With Hold Rating
Morgan Stanley Is the Latest Bank to Trim Its Workforce. Here's Why.
Wall Street's major banks are focusing on cost control, and Morgan Stanley is reportedly planning to cut about 2,000 jobs this month.
Morgan Stanley plans to lay off about 2,000 people later this month, marking the company's first major downsizing since Ted Pick took over as CEO. According to sources, the layoffs will affect various aspects of the bank, in addition to the approximately 15,000 financial advisors. These sources also stated that the bank, with around 0.08 million employees, had formulated this plan prior to the recent market fluctuations. The management under Ted Pick aims to control costs while minimizing employee turnover. Morgan Stanley, headquartered in New York, declined to comment. The upcoming layoffs are somewhat linked to performance and also related to changes in employees' office locations.
Express News | Morgan Stanley Reducing 2% to 3% of Employees Excluding Financial Advisors - Source
Express News | Morgan Stanley Plans About 2,000 Job Cuts to Keep a Lid on Costs- Bloomberg News
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