Public Event Detail
Morgan Stanley slashes 1,600 jobs
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Event summary
Morgan Stanley laid off approximately 1,600 employees, or 2% of its workforce, on Tuesday, December 6, following previous warnings from CEO James Gorman about upcoming staff reductions. This move came amidst similar cautious sentiments from other major banks, with Goldman Sachs CEO David Solomon forecasting "bumpy times ahead" and Bank of America's Brian Moynihan indicating a slowdown in hiring. The banking sector appears to be preparing for potential economic downturns by reducing staff and slowing recruitment, a significant shift from pandemic-era policies that saw banks avoid job cuts.