Morgan Stanley is set to lay off approximately 2,000 employees later this month, representing roughly 2% to 3% of its global workforce—excluding financial advisers—in an effort to improve operational efficiency, according to a person familiar with the matter.
he decision, reported by Reuters and first noted by Bloomberg News, comes as part of a broader trend among Wall Street banks, which have been reducing headcount amid an uncertain economic environment exacerbated by President Donald Trump’s recently announced tariffs against key trading partners.
At the end of 2024, Morgan Stanley employed over 80,000 people worldwide. The planned job cuts are said to be driven primarily by performance considerations and the reorganization of work locations, rather than direct impacts from current market conditions.
This move follows similar cost-cutting measures across the industry. Rival Goldman Sachs has accelerated its annual performance reviews and aims to trim its workforce by 3% to 5%, while Bank of America recently eliminated 150 junior banker roles within its investment banking division.
At a recent conference, Morgan Stanley Co-President Daniel Simkowitz acknowledged that new equity issues and merger and acquisition activity have been subdued due to policy uncertainties. However, he also noted that the firm is adding "real headcount" at senior levels within its investment banking arm, suggesting that while the bank is streamlining certain areas, it remains focused on strategic growth.
As clients continue to navigate the impact of evolving tariff policies and other market uncertainties, industry observers say that the layoffs reflect a cautious approach by financial institutions adjusting to the current economic climate.
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