Morgan Stanley laying off 2% of workforce: reports

Morgan Stanley on Tuesday reduced its employee count by 2% or 1,600 of the bank’s 81,567 employees, according to reports. The move comes after Morgan Stanley hired 3,181 people between June 30 and Sept. 30, according to disclosures from the bank. Morgan Stanley CEO James Gorman said at a conference last week that the bank would carry out “modest cuts” to its workforce. The Wall Street Journal reported the job cuts, citing people familiar with the bank after CNBC-TV initially reported the move. Investment banks have been re-introducing performance reviews and subsequent layoffs this year after suspending them during the COVID-19 lockdown. Shares of Morgan Stanley fell 2.7% on Tuesday amid steep losses in the financial sector on recession jitters.

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