Morgan Stanley to cut 2,000 jobs amid automation shift
Morgan Stanley, one of the leading investment banks, plans to lay off about 2,000 employees by the end of March. The decision aims to improve the bank's operational efficiency, as reported by Reuters.
Morgan Stanley, a global financial giant, intends to reduce its workforce by 2-3%, resulting in the layoff of approximately 2,000 people. According to Reuters, this decision aims to increase the bank's operational efficiency. It's the first major wave of layoffs since Ted Pick took over as CEO in January 2024.
The layoffs will not affect the 15,000 financial advisers. The bank employed over 80,000 people at the end of 2024.
Reuters notes that the reductions are not related to current market conditions 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 Wall Street. Other banks, such as Goldman Sachs and Bank of America, are also reducing their staff numbers.
Companies are preparing for challenging economic times, particularly after President Donald Trump announced new tariffs. Bank clients are uncertain about the future due to ongoing changes in trade policy.
