Morgan Stanley To Cut 2,500 Jobs In Global Workforce Reduction

Morgan Stanley plans to slash approximately 3% of its global workforce, affecting around 2,500 employees across investment, trading, and wealth management divisions, according to sources familiar with the matter on Thursday.

The layoffs, impacting both front and back-office staff, follow a strategic review of individual performance and shifting geographical priorities. The move comes despite the bank reporting record net income last year and increasing CEO Ted Pick’s annual pay by 32%.

Separately, the bank applied to the U.S. Office of the Comptroller of the Currency on Feb. 18 to establish "Morgan Stanley Digital Trust." The new unit aims to provide direct digital asset custody, trading, and staking services to institutional clients.