• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, July 9, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Morgan Stanley cuts 2% of its workforce

by Prity Khanal
December 7, 2022
in Business, Markets, News
Reading Time: 2 mins read
0
Morgan Stanley cuts 2% of its workforce
TwitterWhatsappLinkedin

Morgan Stanley on Tuesday announced that the company has dismissed 2% of its total workforce. This was reported by a source familiar with the company’s plans.

You might also like

New Academic Studies Allege Uber’s Opaque Algorithm Systematically Boosts Profits at Expense of Drivers and Passengers

CoreWeave’s Game-Changing $9 Billion Acquisition of Core Scientific

Capgemini Announces its Intention to Acquire WNS (Holdings) Limited

 

By this layoff, about 1600 jobs have been cut as reported by CNBC. The company was accompanied by Goldman Sachs Inc and Citigroup Inc which recently laid off its employees due to an uncertain economic future.

 

According to the Chief Executive Officer of Stanley, James Gorman confirmed last week that the bank is trying to limit the number of jobs cut around the globe.

 

As of September 30, the bank had a total of 81000 employees around the globe. The number was witnessed in a quarterly filing.

 

It is unclear if every department will observe a layoff, especially the wealth management unit.

But the financial advisers of the wealth management department said that the unit will observe job cuts as well. The department accounted for about 47% of the bank’s revenue in the third quarter.

 

As the Coronavirus pandemic created havoc worldwide, many businesses and corporations halted several of their company’s norms and services. Morley Stanley, therefore, decided to cut off jobs this year as it was put on hold for almost two years.

 

Usually, banks cut off 1% to 5% of their total workforce. The trimming mainly involves workers with low performance. The process is done before the payment of bonuses. This leaves the remaining employees with more pay.

 

Morgan Stanley joins firms like Goldman Sachs and Citigroup in reinstating a Wall Street ritual of reviewing underperformers.

A view of the Morgan Stanley London headquarters at Canary Wharf in London, Britain June 24, 2016.

 

The company paused the ritual two years ago after the pandemic created profits around deals activity. However, the profit lasted for a few months as the Federal Reserve increased the interest rate enormously. The company reduced its workforce in 2019, that is, 3 years ago.

 

At the New York-based firm, known for its huge wealth administration division and top-tier trading and advisory functions, monetary consultants are one of the rare categories of employees safe from the cuts, according to the people. That’s likely because they develop earnings by organizing client investments.

 

Morgan Stanley, like its peers, has noticed its headcount surge in recent years. The bank’s worker ranks flooded by 34% from the first quarter of 2020 to the third quarter of this year, although that comprises the influence of two massive investments.

 

CEO James Gorman told Reuters last week that the bank was gearing up for “modest cuts,” but refused to mention detailed timing or the extent of the discharges.

 

“Some people are going to be let go,” Gorman said. “In most businesses, that’s what you do after many years of growth.”

 

Tags: #Citigroup_CEO#employees_layoff#Goldman_Sachs#Morgan_stanley#morganstanleyBankMarket
Tweet54SendShare15
Previous Post

Investing in Early-phase Portuguese Companies for Citizenship

Next Post

Temu Offers $5 Delivery Credit to Give Consumers More Peace of Mind

Prity Khanal

Prity is a content writer whose passion lies in writing to inspire others. She specialises in the field of law. With a curious mind and love for research and proficiency in creating informative narratives, she has specialised in tech, crypto, and is up-to-date with current market changes and flexible in various other fields.

Recommended For You

New Academic Studies Allege Uber’s Opaque Algorithm Systematically Boosts Profits at Expense of Drivers and Passengers

by Anochie Esther
July 9, 2025
0
Uber

Uber, the global ride-hailing giant, is once again facing intense scrutiny over its pricing practices. Two independent academic studies, one from the prestigious Columbia Business School in the...

Read more

CoreWeave’s Game-Changing $9 Billion Acquisition of Core Scientific

by Anochie Esther
July 9, 2025
0
CoreWeave

In a landmark deal signaling a significant shift in the competitive landscape of AI infrastructure, CoreWeave, a leading AI hyperscaler, has announced its intent to acquire Core Scientific,...

Read more

Capgemini Announces its Intention to Acquire WNS (Holdings) Limited

by Anochie Esther
July 9, 2025
0
Capgemini

In a significant move set to reshape the digital services sector, global IT giant Capgemini has announced its intention to acquire WNS (Holdings) Limited, a leading digital-led business...

Read more
Next Post
Temu Offers $5 Delivery Credit to Give Consumers More Peace of Mind

Temu Offers $5 Delivery Credit to Give Consumers More Peace of Mind

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?