Morgan Stanley, a prominent financial institution, is reportedly contemplating a significant workforce reduction in May 2024, potentially affecting between 1000 and 2000 employees, according to unnamed sources within the Human Resources department. Although the specifics of the layoffs have not been officially confirmed, the list of impacted individuals has already been compiled and shared with relevant departmental leaders.
The company is also anticipated to reduce its workforce substantially by the end of 2024. While the exact reasons for these job cuts remain undisclosed, it is speculated that underperformance in certain divisions and the upcoming US presidential elections may be contributing factors. Additionally, challenges in the company's China business and wealth management sector could be influencing this decision
The anticipated workforce reduction is expected to impact various global locations, with a particular emphasis on Canada, India, China, Singapore, and the United Kingdom. This strategic move may be a response to the current financial climate and the need to optimize operational efficiency.