Morgan Stanley to cut 2% of its global workforce

Morgan Stanley will reduce its global workforce by roughly 1,600 or about 2% of the total as Wall Street players seek to tame costs ahead of a potential US recession. Morgan Stanley had more than 80,000 employees at the end of Q3. Morgan Stanley chief executive officer James Gorman said they’ve learned some things during Covid-19 about how they can operate more efficiently. Goldman Sachs Group and Bank of America executives also warned of hiring slowdowns, citing the uncertain economic outlook. Goldman chief executive officer David Solomon said smaller bonuses and even potential layoffs should come as no surprise amid a deal slump; while Bank of America CEO Brian Moynihan said the lender is slowing its hiring as fewer employees leave, in an attempt to manage headcount.