Morgan Stanley cuts about 1,600 jobs, 2% of its workforce

An American multinational investment management and financial services company, Morgan Stanley will lay off about 2% of its workforce. This affect about 1,600 positions workforce.

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The job cuts will affect workforce reductions at Goldman Sachs Group Inc and Citigroup Inc. The bank has more than 81,000 employees worldwide as of September 30.

Morgan Stanley is making modest job cuts worldwide. Chairman and CEO James Gorman last week said people were going to be let go.

“We’re making some modest cuts all over the globe,” he said on Dec. 1.

“In most businesses, that’s what you do after many years of growth”, he added.

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IT companies are already seeing margin pressure due to inflation and impending recession in markets like the US and Europe. Most recently, Meta has cut over 11,000 jobs, which is nearly 13% of its workforce.

In a letter to employees on Wednesday, CEO Mark Zuckerberg said that layoffs contend with faltering revenue and broader tech industry woes.

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On the other hand, Elon Musk owned Twitter and laid off about 3,700 jobs, or half of the company’s workforce in a bid to cut costs.

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