Morgan Stanley cut 3,000 jobs in the second quarter — Reuters
[ad_1]
The American financial conglomerate Morgan Stanley plans to cut about 3,000 jobs in the second quarter — this will be the second round of cuts over the past six months. Reuters writes about this with reference to the source.
0
►Read “Ministry of Finance” on Instagram: the main news about investments and finances
Downsizing at Morgan Stanley
According to the source of the agency, the slow closing of deals and the difficult economic environment are prompting the investment bank to review its staffing levels.
“The last step was followed by another quarter, in which commissions from the investment banking division fell, which led to a decrease in total income by almost 2% to $14.5 billion.
Last month, Morgan Stanley’s financial director Sharon Eshaya said that “cost management” is a priority in view of broader market uncertainty and increased inflation,” the publication reminds.
Read: “credit crisis” begins in the USA – Morgan Stanley
Wall Street investment banks have suffered from a decline in deals, as investors have become more cautious about volatile markets and rapidly rising interest rates.
The initial public offering of shares has practically stopped, since startups are delaying their debut on the market until the mood of investors improves.
According to Dealogic, in the first quarter the volume of mergers and acquisitions almost halved compared to the previous year.
CEO of Morgan Stanley, James Gorman, said in December that the bank would make “modest” job cuts around the world, without giving an exact figure.
As of the end of March, more than 82 thousand employees worked in the bank, and the reduction will affect almost 4% of its personnel.
Conference “Invest Talk Summit” Find out how to make money on investments in 2023-2024! Details on the website.
Promo code for a 10% discount: minfin10.
🕵️ We created a small survey to learn more about our readers.
💛💙Your answers will help us become the best, pay more attention to topics that are interesting to you. 🤗 We will be grateful if you find a minute to answer our questions.
Source: Ministry of Finance
Views: 16
[ad_2]
Original Source Link
