Dec 6 (Reuters) – Morgan Stanley (MS.N) has minimize about 2% of its workforce, a supply acquainted with the corporate’s plans mentioned on Tuesday.
The job cuts, first reported by CNBC, have an effect on about 1,600 positions and comply with workforce reductions at Goldman Sachs Group Inc (GS.N) and Citigroup Inc .
Morgan Stanley is making modest job cuts worldwide, Chief Government Officer James Gorman mentioned final week. The financial institution had greater than 81,000 workers worldwide as of Sept. 30, based on a quarterly submitting.
Whereas monetary advisers in Morgan Stanley’s wealth administration division aren’t being let go, there will probably be job cuts within the unit, the supply mentioned.
Wealth administration accounted for 47% of the financial institution’s income within the third quarter.
Reporting by Saeed Azhar in New York and Mehnaz Yasmin in Bengaluru; Enhancing by Shounak Dasgupta
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