Morgan Stanley to cut hundreds of jobs in wealth management division: Reports

Morgan Stanley is reportedly planning to lay off hundreds of employees in its wealth management division.

What’s happening at Morgan Stanley?

According to news outlets, including The Wall Street Journal, the job cuts are expected to affect a small number of managing directors and non-customer-facing staff.

Sources claim that the bank plans to notify impacted workers “as soon as this week.”

Morgan Stanley claimed in its Q4 2023 earnings release that it employed a global workforce of approximately 80,000 people.

SEE ALSO
• Morgan Stanley planning to cut 3,000 jobs, second mass layoff in months
• Deutsche Bank slashing 3,500 jobs to improve operational efficiency
• Citigroup to slash 20,000 jobs over the ‘medium-term’

Impact on Canadian staff

It remains unclear if any Canadian employees at Morgan Stanley will be let go.

According to the bank’s LinkedIn page, it has more than 3,100 workers in the country.

Termination agreements for Morgan Stanley employees

In Canada, non-unionized employees at Morgan Stanley are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay.

LEARN MORE
• Severance pay for banking sector employees
• Rights to severance for federally regulated workers
• Severance packages during mass layoffs

Major layoffs continue

The potential reduction at Morgan Stanley comes amid a flurry of layoffs in 2024.

Big names, including Cisco, Catalent, Mozilla, Instacart, BlackBerry, Enbridge, PayPal, UPS, Microsoft, Rona, eBay, and Wayfair, are significantly scaling back their staffing levels as they continue to navigate challenging economic conditions.

SEE ALSO
• Firm launches $130M class action against Shopify for breach of contract
• Cascades laying off 310 employees, closing Trenton, Belleville plants
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.