Morgan Stanley is reducing headcount by roughly 2,500 roles, cutting about 3% of its 83,000-strong workforce across investment banking and support functions. Financial advisors remain unaffected while wealth management’s back office is trimmed to improve efficiency after rapid pandemic-era hiring.

Block’s CFO signaled that artificial intelligence integration could prompt more staff reductions beyond the 40% workforce cut, citing ongoing productivity gains. No target headcount was provided, suggesting the fintech may pursue additional cost savings over the next two to three years.

Wall Street firms upgraded MongoDB to Outperform with a $310 target and raised AIG to Buy, while Arete and Redburn downgraded Meta Platforms to Neutral with a $676 goal and Craig-Hallum slashed Grocery Outlet’s price target. These shifts reflect concerns over AI monetization, margin pressures and varying growth outlooks.

February saw 48,307 planned job cuts, a 55% drop from January’s 108,435, as technology and transportation firms slowed reductions. Despite some stability, total layoffs remain elevated compared to pre-pandemic levels and could rise with geopolitical and economic uncertainties.