2025-04-02
Morgan Stanley is preparing to cut around 2,000 jobs in the latest pullback by a major investment bank this year.
The Wall Street bank is making the reductions to keep a lid on costs in the first big reductions under chief executive Ted Pick, Bloomberg reported citing people familiar with the matter.
The bank has around 80,000 employees, so the reductions amount to around 2.5% of its overall workforce. The cuts will not affect financial advisers.
Morgan Stanley was contacted for comment.
Morgan Stanley’s cuts follow redundancies rolled out by major Wall Street rivals in recent months.
Goldman Sachs brought forward its annual cull of employees, with around 4-5% of roles set to be cut in May. The redundancies will be aimed at mid-level employees and target underperformers.
JPMorgan has also cut around 1,000 roles this year, Barron’s reported, while Bank of America cut 150 positions within its investment bank, aimed at the junior ranks.
Investment bankers had predicted a surge in deals this year after an increase in optimism from the election of US president Donald Trump. However, a tariff war and other policies have increased uncertainty and volatility, which has stymied activity.
M&A volumes in the US are down by 19% to $318bn so far in 2025, according to data provider Dealogic, and have edged up just 3% globally.
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