FEBRUARY 15, 2023 — SEVERAL HUNDRED WEALTH MANAGEMENT EMPLOYEES TARGETED
New (January 1, 2024) CEO Ted Pick’s first action appears to be the elimination of several hundred employees, including managing directors and non-customer-facing employees in its wealth management operation.
MAY 3, 2023 — 3,000 EMPLOYEES TARGETED
Responding to recession fears, the company is continuing its cost-cutting initiative and is expected to lay off around 3,000 employees, 3.6% of its workforce, excluding the financial advisors and currency management divisions. This is in addition to the previous 2% reduction in its workforce.
DECEMBER 7, 2022 — 2% REDUCTION IN FORCE
The company has announced a global reduction in force of approximately 2% or an estimated 1,600 - 2,000 employees.
According to Morgan Stanley CEO James Gorman, “Some people are going to be let go. We’re making some modest cuts all over the globe. In most businesses, that’s what you do after many years of growth.”
OCTOBER 15, 2022 — PAIN AHEAD WITH DREADED “ANNUAL REVIEW”
Morgan Stanley CEO James Gorman noted, “You’ve got to take into account the rate of growth we’ve had in the last few years. 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.”
Smells like a reduction in force is coming.
DECEMBER 17, 2019 — Original post…
New York City, New York-based Morgan Stanley, the iconic investment bank and financial services company, is continuing its restructuring and cost-cutting activities. The company has announced that it will be reducing its global headcount by 1500 employees by year-end. While the company refuses to provide specific details, it is believed that the employees will come from IT, and operations, and include executives and managers in sales, trading, and research. While the company remains at the top in trading operations and as a merger adviser, it is believed that the bank’s senior management is worried about the global economic outlook and the effects of tariffs and currency fluctuations. James Gorman would only say, “We remained committed to controlling our expenses,” and refused to discuss the reduction in force.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?