Morgan Stanley to cut around 2,000 jobs as clients grapple with Trump tariffs and policy changes: Report
By : Sandhya
Morgan Stanley is planning to cut around 2,000 jobs later this month, marking the first layoff round under CEO Ted Pick. This plan was actually made before the recent market tumult and is aimed to reduce costs at the company with about 80,000 employees and a low attrition rate, according to a Bloomberg report.
The cuts will be across the firm, but will not affect its roughly 15,000 financial advisers, according to the report, which added that some of the cuts are tied to performance, some are due to changes in the places where the firm bases some of its workers, and a small portion is due to the impact of artificial intelligence (AI) and automation inside the firm.
The AI impact will be driving an increasing portion of job reductions in the coming years as well, according to the report. The clients of these companies may have reduced their banking activity as a result of US President Donald Trump's tariffs and policy changes.