Morgan Stanley is preparing to reduce her 80,000 people Workplace from 2,000 employees later this month, marking the first important round of the bank since CEO Ted Pick take over In January 2024.
Reducing workforce will affect divisions across Morgan Stanley, except for its 15,000 financial advisers, for Bloomberg. Discounts are meant to keep costs down while faced managers low -tractionor a low rate of employees leaving an organization through resignations, conclusions or pensions.
Some vacation -affected vacation employees will be left due to performance issues, while others will be shortened because it and automation have replaced their roles within the bank. A source told Bloomberg that the bank expects to make more jobs of jobs due to it in the coming years.
Morgan Stanley is not the only big bank that plans to cut roles because of it. A Bloomberg's intelligence report Issued earlier this year surveyed key information and technology officials in 93 large banks, including JPMORGAN and Goldman Sachs, and found that executives expect to rest on average 3% of their labor force within the next three to five years after he assumes tasks. This means that up to 200,000 Wall Street jobs are in danger of being shortened due to automation.
Morgan Stanley has released some internal tools for employees. In September 2023, the bank rolls a Assistant tool of he This quickly finds information within Morgan Stanley Research for financial advisers. In June 2024, the bank issued another means he This takes notes and finds action items for financial advisers during their video meetings with clients.
Pick told investors in June that he could save employees between 10 to 15 hours a week.
“This is potentially really changing the game,” he stated at the time, for Reuters.
Pick Ted, CEO of Morgan Stanley. Photography: Hollie Adams/Bloomberg through Getty Images
Morgan Stanley leaders appreciated The new technology and the one with the help of the bank report to record income and profits. Take told cnbc In October that he makes the bank more cost effective and productive. In 2024, Morgan Stanley arrived Record net income of $ 61.8 billion, from $ 54.1 billion to 2023.
Morgan Stanley is the last bank planning off work. One of its rivals, Goldman Sachs, is aiming to lower 3% to 5% of it 46,500 person The workforce in the coming months. Goldman reports that it will Ask some managers Located in major centers like New York City to move to developing countries such as Salt Lake City and Dallas.