Spread the love

Morgan Stanley Morgan Stanley  is planning to cut more jobs in the first quarter due to drop in profits.The Bank is planning to cut 4% out of total headcount to reach a total of 82,000 employees according to the reports.

The Investment giant and financial services has said that the drop in profits are due to acquisitions and mergers with other financial institutions  along with Slow dealmaking and a tough economic environment are prompting the investment bank to look at its headcount, the source said.

The latest move follows another quarter in which fees from the investment banking unit fell, fragging total revenue down nearly 2% to $14.5 billion.

The Institution has trimmed 2% of its employees which resulted nearly 1600 layoff in last quarter of the last year.

There would be another cutoff of another 3000 employees soon.This sector still faces a weak economy and challenges from higher interest rates.

Ever since the collapse of Silicon Valley Bank ignited the fears of widespread failures of midsized financial institutions and Banks.There is lot uncertainty in the sector. Anyhow in April the second quarter of USA seems to show some positive results as there is some cutdown on interest rates.

Read more….

https://kapusangam.com/WP/wp-content/uploads/2023/05/1ECF22C2-4786-47F4-BD52-7F68CEAAEBCF.jpeghttps://kapusangam.com/WP/wp-content/uploads/2023/05/1ECF22C2-4786-47F4-BD52-7F68CEAAEBCF-150x150.jpegadminLatestMorgan Stanley  is planning to cut more jobs in the first quarter due to drop in profits.The Bank is planning to cut 4% out of total headcount to reach a total of 82,000 employees according to the reports. The Investment giant and financial services has said that the drop in...Latest News and Photos