The conclusion of slow deals and the difficult economic environment led the investment bank "Morgan Stanley "to consider the number of its employees, according to a source in the giant institution, as for the second time in 6 months, Morgan Stanley, the giant of banking institutions in the United States of America, intends to cancel about 3 thousand jobs in the second quarter of this year.

Edited by| Paul Mitchel

Economy section -  CJ journalist

Wall Street -  May,2,2023

The latest move follows another quarter in which fees from the investment banking unit declined, resulting in a decrease in total revenues by almost 2% to USD 14.5 billion.

Morgan Stanley's Chief Financial Officer Sharon Yeshaya said last month that "expense management" was a priority given the broader market uncertainty and rising inflation.

Investment banks on Wall Street have suffered from a decline in deals, as investors have become more cautious about volatile markets and rapidly rising interest rates.

Initial public offerings have also stopped by default, as startups have postponed their market debut until investor sentiment improves.

The volumes of mergers and acquisitions almost halved in the first quarter of the previous year, according to data from Dealogic.

Morgan Stanley chief executive James Gorman said last December that the bank would carry out "modest" job cuts around the world, without giving an exact figure. The bank had more than 82 thousand employees until the end of March, and the layoffs will affect almost 4% of its employees.

{source}<script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-4474625449481215"
crossorigin="anonymous"></script>
<!-- moss test ad -->
<ins class="adsbygoogle"
style="display:block"
data-ad-client="ca-pub-4474625449481215"
data-ad-slot="6499882985"
data-ad-format="auto"
data-full-width-responsive="true"></ins>
<script>
(adsbygoogle = window.adsbygoogle || []).push({});
</script>{/source}