Morgan Stanley to eliminate 2,500 jobs, 3% of workforce
Morgan Stanley will cut roughly 2,500 employees, equal to 3% of its 83,000‐strong workforce, by trimming support functions within its wealth management division. The bank’s headcount surged from 60,000 in 2019 to 82,000 by end-2022 and reached 83,000 at end-2025, prompting a staffing reset.
1. Layoff Details
Morgan Stanley is implementing a reduction of approximately 2,500 positions, representing about 3% of its current workforce. The layoffs span all areas of the investment bank but are concentrated in support roles.
2. Workforce Growth History
The bank expanded headcount aggressively during the pandemic, growing from 60,000 employees in 2019 to 82,000 by year-end 2022, and then to 83,000 at end-2025. This hiring surge has now been partially reversed.
3. Impact on Wealth Management
Cuts are focused on back-office and administrative staff within the profitable wealth management division, while client-facing financial advisors remain unaffected. The move aims to streamline operations and reduce overhead.
4. Industry Context
Morgan Stanley’s reduction follows similar actions by peers such as Citigroup and BlackRock. Financial technology firms have also announced significant layoffs, reflecting broader sector headcount normalization.