Morgan Stanley Eliminates About 1,500 Jobs in Year-End Cuts
- Several managing directors let go across divisions, regions
- New York, London among offices affected by the reductions
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Morgan Stanley is cutting about 1,500 jobs globally, including several managing directors, as part of a year-end efficiency push.
The cuts are skewed toward technology and operations divisions, but also include executives in sales, trading and research operations, people with knowledge of the matter said. The reductions amount to about 2% of the firm’s workforce, according to one of the people, who asked not to be identified because the information is private. The bank plans to take a charge in the range of $150 million to $200 million in its fourth-quarter results tied to the cost of the cuts, one person said.