Morgan Stanley is all set to fire a huge chunk of its workforce
Advertisement
Advertisement
The workforce reduction will be across all regions and is set to take place in the next two weeks, the person said. The news was first reported by Bloomberg earlier on Monday.
The
Morgan Stanley Chief Executive James Gorman has been focusing on equities trading and - particularly - wealth management as profit drivers for the No. 6 U.S. bank by assets as stricter regulations and capital requirements make it more difficult to trade bonds.
Ted Pick, who was in charge of the company's equities business, was picked by Gorman last month to oversee its entire trading business to facilitate better coordination between the firm's bond and equities desks.
Advertisement
The company's shares, which have fallen 12.9 percent this year up to Friday's close, were up 2.1 percent in afternoon trading.
Image Source
Advertisement
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024
- From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh