Morgan Stanley planning to cut 3,000 jobs, second mass layoff in months

After cutting around two per cent of its workforce in December, Morgan Stanley is reportedly planning to pull out the axe again.

Sources have told major news outlets, including Bloomberg and CNBC, that the bank is looking to lay off approximately 3,000 employees, or five per cent of its workforce, by the end of June.

The majority of the cuts are expected to affect banking and trading workers. Financial advisors and support staff will remain unscathed.

A person with knowledge of the plans told Reuters on May 1 that “slow dealmaking and a tough economic environment are prompting [Morgan Stanley] to look at its headcount.”

According to reports, the bank had more than 82,000 employees at the end of March.

Impact on Canadian staff

Morgan Stanley didn’t disclose how many Canadian workers are affected by the latest round of cuts.

The bank claims on its website that it has more than 2,200 employees across its six offices in Toronto, Montreal, Calgary, and Vancouver.

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