Wall Street giant Morgan Stanley will be cutting hundreds of jobs due to an “uncertain global economic outlook,” according to a new report.
Morgan Stanley will be cutting approximately 1,500 jobs - roughly 2 percent of its workforce - impacting employees in technology, operations, sales trading, and research. The New York-based bank currently employees more than 60,000 people.
According to CNBC, in October, Morgan Stanley posted third-quarter profit and revenue figures that beat analysts’ expectations. The company produced $10.1 billion in revenue, exceeding analysts’ estimates by approximately $500 million.
The bank’s stock has reportedly risen more than 20 percent this year, as it remains the largest equities trading firm and mergers advising company.
A representative of Morgan Stanley said the company had no comment on the reported layoffs.
"Wall Street firms often cut jobs toward the end of the year to avoid paying out bonuses," CNBC noted. "Morgan Stanley is the first known instance of this, but other firms will likely announce cuts as planning for 2020 continues."
Click here to sign up for Daily Voice's free daily emails and news alerts.