Last December, Morgan Stanley already laid off 1,600 of the 81,567 employees it had then.
This measure occurs in a general environment of layoffs by large companies and shortly after the announcement of its first quarter results, in which Morgan Stanley achieved net profit of 2.980 million dollars, 19% less than in the first three months of 2022.
Between January and March of this year, Morgan Stanley invoiced 14.517 million dollars, a year-on-year decrease of 2%.
Wall Street investment banks suffered a full-blown recession as investors grew more cautious about market volatility and rapidly rising interest rates.
Initial public offerings have also virtually stalled as startups are holding off on IPOs until investor confidence improves.
Merger and acquisition volumes nearly halved in the first quarter from a year earlier in the United States, according to Dealogic data.
Morgan Stanley Chief Executive James Gorman said in December that the bank would make “modest” job cuts to its global workforce, without giving an exact figure.
With information from EFE and Reuters
