Morgan Stanley plans 1,500 job cuts
Morgan Stanley is cutting 1,500 jobs in an attempt to offset potential issues over economic uncertainty.
The Wall Street bank will be losing around 2% of its workforce in the cuts, which will occur mainly in the firm’s operations and technology departments, according to CNBC sources. A separate Bloomberg report claims that the sales trading and research departments will also feel the effects.
Morgan Stanley, which employs just over 60,000 people, is the world’s largest equities trading firm. The bank will be taking a charge of between $150 million and $200 million in Q4 2019 as result of the cuts.
The bank was fined €22.1 million this week by French regulators after its London desk stood accused of using “pump and dump” tactics to manipulate bond prices.
The Autorité des marchés financiers (AMF) ruled that Morgan Stanley had meddled in the prices of 14 French government bonds and eight Belgian bonds in 2015.
In February the bank made one of its largest deals since in the financial crisis, acquiring stock plan administration platform Solium Capital in a $900 million deal.
Solium is a provider of Software-as-a-Service (SaaS) for equity administration, financial reporting and compliance. It has offices in the US, Canada, UK, Europe and Australia.