Morgan Stanley to lay off 2,000 employees soon

Morgan Stanley plans to lay off about 2,000 employees to cut costs, according to a source. This represents a reduction of 2 to 3 percent of its workforce, excluding financial advisers. The layoffs are intended to improve operational efficiency. As of the end of 2024, Morgan Stanley had over 80,000 employees worldwide. The source indicated that the layoffs are not related to current market conditions. Other Wall Street banks have also announced job cuts in response to a challenging economic environment. Goldman Sachs is set to trim its staff by 3 to 5 percent, while Bank of America recently eliminated 150 junior banker roles. These changes coincide with uncertainty stemming from new tariffs announced by U.S. President Donald Trump. Some job cuts at Morgan Stanley are linked to employee performance and shifts in where jobs are based. Despite the layoffs, Co-President Daniel Simkowitz mentioned that the bank is hiring at senior levels within its investment banking division.