Wall Street is cutting more jobs as Morgan Stanley plans 3,000 layoffsPublished Tue, May 2 2023 8:31 AM EDT
Hugh Son
o Morgan Stanley plans to eliminate roughly 3,000 positions by the end of June, according to a person with knowledge of the plans.
o That equates to roughly 5% of the New York-based bank’s workforce when excluding the financial advisors and support staff who will be spared in the cuts, the person said.
o In recent weeks, big bank peers including Citigroup and Bank of America and smaller advisor Lazard have cut jobs or announced plans to do so.
... A historic boom in deals ignited by the pandemic was followed by a bust that began last year after the Federal Reserve started raising rates to hit the brakes on an overheating economy. The IPOs, debt issuance and mergers that feed Wall Street have all remain muted this year. For instance, IPO volumes are 74% lower than last year, according to Dealogic data. ...
Full story at CNBC
