Wall Street bank Morgan Stanley plans to cut another 3,000 jobs

Morgan Stanley layoffs 2023: Morgan Stanley is planning another round of layoffs that would wipe out approximately 3,000 jobs. The job cuts would mark the second round of layoffs in the past six months at Morgan Stanley, an IANS report said. The Wall Street bank is preparing to cut roughly 3,000 jobs around the world this quarter due to difficult market conditions, the source said.

Investment banks have been hurt by a slump in dealmaking caused by the Federal Reserve`s war on inflation and the banking crisis.

The layoffs will take place across the company, except Morgan Stanley`s wealth management division that includes financial advisers, the source said.

The company employed about 82,500 people as of the end of last year.

Morgan Stanley declined to comment on the layoffs. Last month, Morgan Stanley disclosed a 24 per cent drop in investment banking revenue driven by a slowdown in mergers, initial public offerings and debt financing.

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