Morgan Stanley may slash 3,000 jobs in second round: Report

SAN FRANCISCO: Top global brokerage firm Morgan Stanley is reportedly gearing up to lay off nearly 3,000 jobs in its second round of job cuts amid a continuing global meltdown.

According to a media report, citing sources, senior managers are discussing plans to eliminate about 3,000 jobs or roughly 5 per cent of its global workforce by the end of this quarter.

The job cuts will impact financial advisers and personnel supporting them within the wealth management division at Morgan Stanley, the report added.

Morgan Stanley, which employs about 82,000 people, did not comment on the report.

In the first quarter, Morgan Stanley’s profit fell from a year earlier. The firm saw 32 per cent decline in its merger advisory and 22 per cent slump in its equity-underwriting business, according to the report.