Economy: 3000 people will lose their jobs in Morgan Stanley, Chinese fashion brand accused of forced labor
3,000 people will go back to Morgan Stanley
Top global brokerage firm Morgan Stanley is preparing to lay off nearly 3,000 employees in its second round of job cuts amid a continuing global recession. According to a Bloomberg report, citing sources, senior managers are discussing plans to eliminate around 3,000 jobs, or about 5 per cent of its global workforce, by the end of the quarter. The job cuts will go to financial advisors and support personnel within the wealth management division at Morgan Stanley, the report said.
Morgan Stanley, which employs about 82,000 people, did not comment on the report. According to the report, in the first quarter, Morgan Stanley’s profit fell compared to a year earlier. The firm saw a 32 percent drop in its merger advice and a 22 percent drop in its equity-underwriting business. In December 2022, the global investment advisory firm plans to cut about 2 percent of its global workforce, or about 1,600 employees.
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