Morgan Stanley is slashing about 3% of its global workforce — roughly 2,500 jobs — across its key divisions, as the Wall Street giant realigns priorities amid a banner year for profits, according to a report.
The cuts hit the Ted Pick-led lender’s investment banking, trading, and wealth management units, the Wall Street Journal reported earlier on Wednesday.
Layoffs began last week, and both Morgan Stanley’s US and international offices will be impacted, the newspaper said.
The bank, which has around 83,000 employees, posted record revenue in 2025 after a revival in dealmaking, market volatility that boosted the bottom line of its trading desks, and spending by wealthy clients.
Its wealth unit, which generates nearly half the firm’s income, saw fourth-quarter revenue jump 13%.
Despite the strong results, Morgan Stanley has trimmed staff multiple times in recent years. This round includes private bankers and back-office roles in wealth management, some handling client mortgages.
The Post has sought comment from a bank spokesperson.
Wall Street peers like Goldman Sachs and JPMorgan Chase have also shed jobs amid efficiency drives, including AI adoption.
Big corporations axed thousands of white-collar positions last year, often citing tech gains. Twitter founder Jack Dorsey announced earlier this week that his new venture, Block, would shed 4,000 jobs, which is equivalent to half of its workforce.
The moves underscore how even top performers are pruning costs in a volatile economy.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
