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Morgan Stanley to cut about 2% jobs due to uncertain global economic outlook

The bulk of the terminations will be in technology and operations units

twitter-logoReuters New York Last Updated: December 10, 2019 | 09:47 IST
Morgan Stanley to cut about 2% jobs due to uncertain global economic outlook
Morgan Stanley had 60,532 employees as of September 30

Morgan Stanley (MS.N) is cutting about 2% of its workforce globally due to an uncertain global economic outlook, according to a source familiar with the matter.

Most of the employees impacted by the job cuts, which hit businesses across the bank, have been informed. Spared from the job cuts are financial advisers in Morgan Stanley wealth management.

The bulk of the terminations will be in technology and operations units, CNBC reported earlier on Monday.

The Wall Street investment bank and wealth firm has been trying to keep compensation expenses down because it expects revenue next year to be under pressure from market volatility, ongoing trade tensions and a global economic slowdown, according to the source.

Morgan Stanley had 60,532 employees as of September 30.

Also read: Tata Steel Europe to slash 1,000 jobs in UK as talks with workers kick-off

Also read: Tata Steel faces battle with unions over plans to cut up to 3,000 European jobs

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