Morgan Stanley’s decision to cut roughly 5% of its staff, or 3,000 people, has drawn headlines as a sign of how banks are responding to the near-dead initial public offering and deal markets. But the cuts at Morgan Stanley, as at other banks, will only make a small dent in workforces that expanded sharply in the pandemic era.
Between the end of 2019 and the end of December 2022, Morgan Stanley expanded its workforce by 36%, or nearly 22,000 people, to more than 82,000. That came partly from acquisitions—the bank completed purchases of E-Trade and Eaton Vance during that period—but also as trading and dealmaking accelerated in a zero interest rate environment. The latest layoffs will reduce Morgan Stanley’s staff to 79,000, still a huge increase on the bank’s employee numbers in 2019.
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