© Reuters. Morgan Stanley (MS) to Cut More Staff – Reuters
By Senad Karaahmetovic
Morgan Stanley (NYSE:) is set to start a fresh round of layoffs, according to Reuters. Accordingly, some of the cuts will be made in Asia-Pacific, including Hong Kong and China.
Media reports surfaced in September that MS cut staff in its FX department in New York. Morgan Stanley reported 81,567 employees at the end of Q3.
During the most recent earnings call with analysts, CEO James Gorman suggested job cuts might be coming.
“You’ve got to take into account the rate of growth we’ve had in the last few years,” Gorman said.
“We’ve learned some things during COVID about how we can operate more efficiently. So that’s something the management team is working on between now and the end of the year.”
Goldman Sachs (NYSE:) and Deutsche Bank (NYSE:) already cut staff to reflect slower dealmaking.
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