Joining the list of companies who have laid off their employees, Morgan Stanley has decided to fire nearly 1600 workers, which is 2 per cent of its global workforce. The step has been taken as part of their cost-cutting measures and restructuring plans.
According to The New York Times, the layoffs will impact Morgan Stanley’s 82,000 employees across all divisions. This came after the bank, like other investment banks, hit a pause on layoffs during the pandemic.
Last week, Morgan Stanley’s chief executive James Gorman hinted at the layoffs when he told Thomson Reuters that "some people are going to be let go". "We’re making some modest cuts all over the globe. In most businesses, that’s what you do after many years of growth."
Not just Morgan Stanley, several other companies, such as Amazon, Pepsico, Adobe, Meta, and Twitter, have been issuing pink slips to their employees.