Morgan Stanley cuts 2,000 jobs amid AI‑driven efficiency push
Morgan Stanley, a leading investment bank, plans to lay off about 2,000 employees by the end of March. The decision aims to enhance the bank's operational efficiency, as reported by Reuters.
Morgan Stanley, a global financial giant, intends to reduce its workforce by 2-3%, which means letting go of roughly 2,000 employees. According to Reuters, this decision is targeted at boosting the bank's operational efficiency. It's the first significant wave of layoffs since Ted Pick became CEO in January 2024.
The layoffs will not affect the 15,000 financial advisors. The bank employed over 80,000 people at the end of 2024.
Reuters notes that the reductions are not related to the market situation but result from automation and location changes. Some employees will be replaced by artificial intelligence.
Preparing for tough Trump times
The layoffs at Morgan Stanley are another example of workforce reductions on Bay Street. Other banks, like Goldman Sachs and Bank of America, are also decreasing their staff numbers.
Companies are preparing for challenging economic times, especially after President Donald Trump announced new tariffs. Bank clients are uncertain about the future due to ongoing changes in trade policy.
