Morgan Stanley Firing 2% of It's Global Workforce

Posted by Ed 17 mths ago

This may be the longest expansion and bull market in US history; it's also the only expansion that has seen thousands of bankers fired every single month as the stock market hit new all time highs every month.


Putting its pre-Christmas bonus pink slips where its mouth is, Morgan Stanley which in recent years has emerged the most bearish US-based bank, is firing 2% of its workforce, or roughly 1,500 bankers, "due to an uncertain global economic outlook" CNBC reported citing people with knowledge of the situation. Morgan Stanley had 60,532 employees as of September 30.


The job cuts at the investment bank, the world’s biggest equities trading firm and a leading mergers adviser, will hit technology and operations roles hardest, according to the report.


While Morgan Stanley has traditionally posted strong results, most recently reporting Q3 profit and revenue that beat analysts’ expectations, the company's internal research has warned the US economy may hit a pothole in 2020. As a reminder, this is what the bank's Chief US equity strategisty Michael Wilson wrote in his year-ahead outlook: 

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