Morgan Stanley bank may lay off nearly 3000 employees by the end of June1 min read
Morgan Stanley bank has announced its plan to lay off almost 3000 employees by the end of June, according to Financial Times newspaper, citing informed sources. The sources say that the management intends to terminate about 5% of the entire staff. Reductions will affect the securities department and the investment banking unit. Morgan Stanley Bank was established in 1935 and now has branches in more than 40 countries, with asset management being one of its main activities.
In late January, Reuters reported with reference to an official company document that American technology corporation, Alphabet, which owns the Google search engine, plans to lay off 12,000 employees due to the economic downturn in the tech sector. Earlier, Bloomberg reported that US bank, Goldman Sachs, had begun a campaign to dismiss 3,200 employees, more than half of whom work in key departments. According to the agency, this is one of the largest rounds of job cuts and is caused by the economic downturn.