Morgan Stanley to cut 3,000 jobs in Q2 - report By Investing.com

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Morgan Stanley to cut 3,000 jobs in Q2 - report

Published May 02, 2023 04:54

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Morgan Stanley to cut 3,000 jobs in Q2 - report

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Morgan Stanley (NYSE:MS) is preparing to slash about 3,000 jobs in the second quarter on expectations that a rebound in dealmaking activity won’t happen anytime soon, Bloomberg reports.

The planned job cuts would see the bank cut around 5% of its total workforce with most cuts likely to occur in the banking and trading business units. Morgan Stanley already slashed 2% of its workforce.

CEO James Gorman said on the earnings call last month that he doesn’t expect a rebound in dealmaking before the second half of 2023 or next year. Morgan Stanley generated 32% less revenue from its merger advisory and 22% from its equity-underwriting business in Q1.

The Morgan Stanley news comes after Lazard (NYSE:LAZ) said it plans to cut 10% of its workforce.

Morgan Stanley shares are up 3.4% year-to-date.

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