Morgan Stanley Plans 3,000 More Job Cuts as Dealmaking Slumps
- Headcount reductions are bank’s second round within six months
- Firm plans to spare wealth management teams including advisers
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Morgan Stanley is preparing a fresh round of job cuts amid a renewed focus on expenses as recession fears delay a rebound in dealmaking.
Senior managers are discussing plans to eliminate about 3,000 jobs from the global workforce by the end of this quarter, according to people with knowledge of the matter. That would amount to roughly 5% of staff excluding financial advisers and personnel supporting them within the wealth management division.