NEW Morgan Stanley, 640 x 640, not from Bloomberg
Morgan Stanley is cutting about 2,500 employees, or 3% of its workforce, Bloomberg and The Wall Street Journal reported, citing sources familiar with the situation.
The layoffs are hitting staff in Morgan Stanley's three divisions — wealth management, investment management, and investment banking and trading — the sources told the newspaper. The layoff round started last week, with many cuts happening Wednesday, according to the Journal.
Wealth management layoffs include private bankers and back-office staff, with employees who work on mortgages for wealth management clients among them, sources told the Journal.
Changing location and business preferences and individual job performance influence the cuts, which are happening in the U.S. and global offices, one person told the publication. Morgan Stanley employs about 83,000 people and reported a strong 2025, including record wealth management revenue, the newspaper reported.
Morgan Stanley representatives didn't immediately respond to an email Thursday seeking information on the layoffs.
On TheLayoff.com, one anonymous user posted Thursday: "Some folks I know left stable jobs to come here, thought they were moving up. Less than a year later, laid off."
Morgan Stanley cut about 2,000 jobs a year ago but ended 2025 with 2,500 more employees, Bloomberg reported in January.
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