Morgan Stanley prepares a round of layoffs on a global scale. According to rumors reported by Reuters, the announcement of the cuts will come in the coming weeks, with the bank having compiled a list of staff members considered redundant in Asia, who are mainly part of teams that focus on activities related to the China. Some cuts will come from capital markets teams in Hong Kong and mainland China, Reuters added, noting that the global cuts will be made around the same time.
The bank has not yet made any decisions on the extent or timing of any layoffs, which should still represent a low, single-digit percentage of global staff.
Morgan Stanley chief executive James Gorman last month hinted that job cuts could come. “You have to take into account the growth rate we’ve had in recent years,” said Gorman on the sidelines of the release of the third quarter results.