Morgan Stanley is cutting about 1,500 jobs globally, including several managing directors, as part of a year-end efficiency push.
The cuts are skewed toward technology and operations divisions, but also include executives in sales, trading and research operations, people with knowledge of the matter said. The reductions, including positions in New York and London, amount to about 2% of the firm’s workforce, according to one of the people, who asked not to be identified because the information is private.
Investment banks around the world have been cutting jobs amid a multiyear slump in trading revenue and the expectation that more trading will move to electronic platforms that require fewer humans. Citigroup Inc. and Deutsche Bank AG are among firms that have cut hundreds of trading jobs this year.
A spokesman at Morgan Stanley declined to comment.
This article was provided by Bloomberg News.