{"id":30093,"date":"2023-05-01T23:01:43","date_gmt":"2023-05-01T23:01:43","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/morgan-stanley-to-cut\/"},"modified":"2023-05-01T23:20:45","modified_gmt":"2023-05-01T23:20:45","slug":"morgan-stanley-to-cut","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/morgan-stanley-to-cut\/","title":{"rendered":"Morgan Stanley to cut 3,000 jobs in second quarter &#8211; source"},"content":{"rendered":"<p>(Reuters) -Morgan Stanley is planning to eliminate about 3,000 jobs in the second quarter, a source told Reuters on Monday, in its second round of job cuts in six months.<\/p>\n<p>Slow dealmaking and a tough economic environment are prompting the investment bank to look at its headcount, the source said. <\/p>\n<p>The latest move follows another quarter in which fees from the investment banking unit fell, dragging total revenue down nearly 2% to $14.5 billion.<\/p>\n<p>Last month, Morgan Stanley finance chief\u00a0Sharon Yeshaya had said that &#8220;expense management&#8221; was a priority given the broader market uncertainty and elevated inflation.<\/p>\n<p>Wall Street&#8217;s investment banks have suffered from a downturn in deals as investors grew more cautious about volatile markets and rapidly rising interest rates.<\/p>\n<p>Initial public offerings have also come to a virtual standstill as startups put off market debuts until investor sentiment improves.<\/p>\n<p>M&amp;A volumes nearly halved in the first quarter from a year earlier, according to data from Dealogic.<\/p>\n<p>Morgan Stanley CEO James Gorman had said in December that the bank would make &#8220;modest&#8221; job cuts worldwide without giving an exact number.<\/p>\n<p>The bank had more than 82,000 employees as of March end and the layoff will affect nearly 4% of its staff. <\/p>\n<p>Bloomberg News was the first to report about the latest job cuts. <\/p>\n<p> (Reporting by Mrinmay Dey and Mehnaz Yasmin in Bengaluru and Saeed Azhar in New York; Editing by Maju Samuel and Arun Koyyur)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/morgan-stanley-to-cut\/file-photo-morgan-stanleys-new-york-headquarters-are-seen-at-2\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ400VI-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ400VI-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -Morgan Stanley is planning to eliminate about 3,000 jobs in the second quarter, a source told Reuters on Monday, in its second round of job cuts in six months. Slow dealmaking and a tough economic environment are prompting the investment bank to look at its headcount, the source said. The latest move follows another [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":30094,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-30093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ400VI-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/30093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=30093"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/30093\/revisions"}],"predecessor-version":[{"id":30095,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/30093\/revisions\/30095"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/30094"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=30093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=30093"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=30093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}