Morgan Stanley Plans ‘Modest Cuts’: Report
Job cuts at financial firms have more than doubled in 2022 from a year ago, according to an outplacement firm.
Morgan Stanley CEO James Gorman on Wednesday outlined the firm’s latest planned job cuts, which are tied to weakness in both new stock listings and financial deals.
“Some people are going to be let go,” Gorman said at the Reuters NEXT conference.
“We’re making some modest cuts all over the globe. In most businesses, that’s what you do after many years of growth,” he added, according to a Reuters report.
Other financial firms trimming jobs, especially in Asia, include Citigroup and Goldman Sachs.
In early November, Morgan Stanley was reviewing plans to trim some 50 investment banking jobs in the Asia-Pacific region, according to Bloomberg, especially roles focused on banking in China.
Year to date, financial firms have eliminated 17,571 positions vs. 8,568 in the first 11 months of 2021, Challenger, Gray & Christmas reported Thursday. This represents a year-over-year jump of 105% in lost jobs.
In financial technology, or fintech, there’s been a loss of 8,125 jobs so far in 2022 vs. 592 in the same period of 2021.
(Photo: Brendon Thorne/Bloomberg)