{"id":3227,"date":"2023-05-02T11:05:11","date_gmt":"2023-05-02T15:05:11","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/morgan-stanley-to-cut-3000-jobs-in-second-quarter-source\/"},"modified":"2023-05-02T11:05:12","modified_gmt":"2023-05-02T15:05:12","slug":"morgan-stanley-to-cut-3000-jobs-in-second-quarter-source","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3227","title":{"rendered":"Morgan Stanley to cut 3,000 jobs in second quarter – source"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Morgan Stanley’s New York headquarters are seen at the corner of 48th Street and Broadway in New York May 22, 2012. REUTERS\/Andrew Burton\/File Photo<\/span>
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(Reuters) -Morgan Stanley is planning to eliminate about 3,000 jobs in the second quarter, a source told Reuters on Monday, in its second round of job cuts in six months.<\/p>\n

Slow dealmaking and a tough economic environment are prompting the investment bank to look at its headcount, the source said. <\/p>\n

The latest move follows another quarter in which fees from the investment banking unit fell, dragging total revenue down nearly 2% to $14.5 billion.<\/p>\n

Last month, Morgan Stanley <\/span><\/span> (NYSE:) finance chief\u00a0Sharon Yeshaya had said that “expense management” was a priority given the broader market uncertainty and elevated inflation.<\/p>\n

Wall Street’s investment banks have suffered from a downturn in deals as investors grew more cautious about volatile markets and rapidly rising interest rates.<\/p>\n

Initial public offerings have also come to a virtual standstill as startups put off market debuts until investor sentiment improves.<\/p>\n

M&A volumes nearly halved in the first quarter from a year earlier, according to data from Dealogic.<\/p>\n

Morgan Stanley CEO James Gorman had said in December that the bank would make “modest” job cuts worldwide without giving an exact number.<\/p>\n

The bank had more than 82,000 employees as of March end and the layoff will affect nearly 4% of its staff. <\/p>\n

Bloomberg News was the first to report about the latest job cuts. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Morgan Stanley’s New York headquarters are seen at the corner of 48th Street and Broadway in New York May 22, 2012. REUTERS\/Andrew Burton\/File Photo (Reuters) -Morgan Stanley is planning to eliminate about 3,000 jobs in the second quarter, a source told Reuters on Monday, in its second round of job cuts […]<\/p>\n","protected":false},"author":1,"featured_media":3228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-3227","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nMorgan Stanley to cut 3,000 jobs in second quarter - source | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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