MORGAN STANLEY LAY OFF. 3000 JOBS OR 7% FROM INVESTMENT BANKERS AND TRADERS.

"The long awaited event appears to be unfolding."

"To recap, Morgan Stanley is thought to be cutting 3,000 jobs, with investment bankers and traders most exposed to the scythe. Bloomberg reported previously that Morgan Stanley's wealth management staff should be immune to being cut. It also reported that Morgan Stanley was considering laying off 7% of its investment bank jobs in Asia. "

"It's a bad time to be a managing producer unless you're also a good producer," says the head of one New York search firm. "If you're not making money yourself, you will be pushed out now. The worst position to be in is that of the non-producing manager. If you're - say - head of North American sales trading now, you need to be talking to your clients and managing the team, or you're out."

Revenues in Morgan Stanley's institutional securities unit (investment bank) fell 11% year-on-year in the first quarter and profits were down 33%. The decline was most dramatic in M&A (down 32%) and least dramatic in debt capital markets (down 6%). "

SOURCE:

https://www.efinancialcareers.com/news/2023/05/morgan-stanley-cuts

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