FILE-Image of Morgan Stanley’s headquarters in New York, on Wednesday, Sept. 27, 2023. (Angus Mordant/Bloomberg via Getty Images)
Morgan Stanley, one of the world’s largest investment banks, is cutting 3% of its workforce, roughly 2,500 employees, across all business divisions.
The job cuts impacted Morgan Stanley’s three major divisions — investment banking and trading, wealth management and investment management — but not its financial advisors, FOX Business confirmed.
The cuts were based on business priorities, location strategy and individual performance, and the bank plans on adding resources in other areas. The layoffs were first reported by The Wall Street Journal.
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The layoffs come after Morgan Stanley, which has around 83,000 global employees, reported a banner year in 2025, posting record annual revenue.
Last quarter, the bank surpassed profit estimates, largely due to a nearly 50% increase in investment banking revenue.
Several U.S. companies have announced significant layoffs this year as they integrate artificial intelligence (AI) tools into their operations.
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Last week, Block said it was slashing nearly half of its workforce — more than 4,000 jobs — as the payments firm works to embed AI throughout its operations.
CEO Jack Dorsey said the company planned to enact a single round of large cuts instead of a series of smaller workforce reductions to give the company more room for growth as it adapts to the AI era.
Amazon has also announced a series of recent reductions totaling approximately 30,000 jobs.
FOX Business’ Eric Revell and Reuters contributed to this report.
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