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Investing.com -- In an effort to control costs, banking giant Morgan Stanley (NYSE:MS) is set to eliminate approximately 2,000 positions later this month, Bloomberg reported. This marks the first significant workforce reduction under the leadership of Chief Executive Officer Ted Pick.
The planned layoffs will affect various sectors of the firm, with the notable exemption of its 15,000 financial advisors, as per insiders close to the matter. The decision to reduce the workforce was made prior to the recent fluctuations in the market.
This strategic move by the New York-based bank is a response to minimal employee turnover within their ranks. A representative from Morgan Stanley declined to provide a comment on this matter. The bank, which currently employs around 80,000 individuals, is implementing these cuts as part of its cost management efforts.
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