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() — Morgan Stanley is planning another round of layoffs that would eliminate roughly 3,000 jobs, a person familiar with the matter told .
The job cuts would mark the second round of layoffs in the past six months at Morgan Stanley.
The Wall Street bank is preparing to cut approximately 3,000 jobs worldwide this quarter due to difficult market conditions, the source said.
Investment banks have been hit by a trading slump caused by the Federal Reserve’s war on inflation and the banking crisis.
The Morgan Stanley headquarters building is seen on January 17, 2023 in New York City. Morgan Stanley reported a profit of more than $2 billion in the fourth quarter of 2022, giving the company a 40% decline from a year earlier. (Photo by Michael M. Santiago/Getty Images)
The layoffs will occur across the company, except for Morgan Stanley’s wealth management division, which includes financial advisers, the source said. The company employed some 82,500 people at the end of last year.
Morgan Stanley declined to comment on the layoffs, which were first reported by Bloomberg News.
Last month, Morgan Stanley revealed a 24% drop in investment banking revenue driven by a slowdown in mergers, initial public offerings and debt financing.
