Morgan Stanley preparing to lay off 3000 employees, has already laid off 1600

Morgan Stanley Layoffs: Morgan Stanley is again preparing to lay off employees on a large scale. Morgan Stanley is preparing for retrenchment keeping in mind the cost-cutting measures in view of the economic crisis and recession. And it is being estimated that 3000 employees can be laid off in this round.

Senior managers of Morgan Stanley are planning this retrenchment. And it is believed that by the end of this quarter, the company may lay off 3000 employees out of its total workforce worldwide, which is close to 5 percent of the company’s total workforce.

Large-scale layoffs are expected from the company’s banking and trading group, although a spokesperson for New York-based Morgan Stanley declined to comment on the layoffs, where about 82,000 employees work.

Earlier, Morgan Stanley had cut 2 percent of its total workforce. However, America’s leading banks have declared disappointing results in the first quarter. The effect of increasing the interest rates of the Federal Reserve has affected the economic activity, which has affected these banks.

Morgan Stanley CEO James Gorman said last month that there has been a decline in underwriting and merger activity and he does not see an improvement before the second half of this year or 2024.

IT companies have done layoffs in recent months, but after the crisis in the financial sector, companies like Morgan Stanley are also engaged in layoffs. In December, Morgan Stanley fired 1600 people, saving $ 133 million. Goldman Sachs has laid off 3200 people in January 2023.

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