Morgan Stanley is slashing about 3% of its global workforce — roughly 2,500 jobs — across its key divisions, as the Wall Street giant realigns priorities amid a banner year for profits.
The cuts hit the Ted Pick-led lender’s investment banking, trading, and wealth management units, the people close to the situation said.
Layoffs began last week, and both Morgan Stanley’s US and international offices will be impacted, they added.
The bank, which has around 83,000 employees, posted record revenue in 2025 after a revival in dealmaking, market volatility that boosted the bottom line of its trading desks, and spending by wealthy clients.
Its wealth unit, which generates nearly half the firm’s income, saw fourth-quarter revenue jump 13%.
Despite the strong results, Morgan Stanley has trimmed staff multiple times in recent years. This round includes private bankers and back-office roles in wealth management, some handling client mortgages.
Wall Street peers like Goldman Sachs and JPMorgan Chase have also shed jobs amid efficiency drives, including AI adoption.