Morgan Stanley lays off 2,500 employees

New Delhi: US-based investment banker Morgan Stanley has reportedly laid off about 2,500 employees, or roughly 3 per cent of its global workforce, starting in early March, reports have said.

The job cuts are not linked to artificial intelligence-related reforms but stem from shifting business priorities, a revised global location strategy and performance reviews of employees, according to a Wall Street Journal report, citing sources. The reported layoffs span across the bank’s three major divisions such as institutional securities, wealth management and investment management affecting front office roles, revenue-generating roles and back office positions, though financial advisors are not impacted. Morgan Stanley was yet to comment on the report. The move follows a similar round of job cuts last spring when the bank laid off 2,000 employees.