(Bloomberg) — Morgan Stanley will cut back its international workforce by about 2% as Wall Road seeks to tame prices forward of a possible US recession.
The cuts quantity to roughly 1,600 of the workforce, in response to an individual acquainted with the matter who requested to not be recognized discussing personal info. Morgan Stanley had greater than 80,000 staff on the finish of the third quarter.
“You’ve received to bear in mind the speed of progress we’ve had in the previous couple of years,” Morgan Stanley Chief Govt Officer James Gorman mentioned because the financial institution reported earnings in October. “We’ve discovered some issues throughout Covid about how we will function extra effectively. In order that’s one thing the administration workforce is engaged on between now and the top of the yr.”
Goldman Sachs Group Inc. and Financial institution of America Corp. executives warned of hiring slowdowns on Tuesday, citing the unsure financial outlook. Goldman Chief Govt Officer David Solomon mentioned smaller bonuses and even potential layoffs ought to come as no shock amid a deal droop whereas Financial institution of America CEO Brian Moynihan mentioned the lender is slowing hiring as fewer staff depart, in an try and handle headcount.
CNBC earlier reported the Morgan Stanley reductions.