Morgan Stanley Plans Significant Layoffs Amid Difficult Market Conditions

Morgan Stanley is planning to cut around 3,000 jobs by the end of Q2 2022
This amounts to roughly 5% of staff, excluding financial advisers and personnel supporting them within the wealth management division.
The cuts come amid a renewed focus on expenses as recession fears delay a rebound in dealmaking.
Morgan Stanley's profit fell in Q1 2022 due to a dropoff in dealmaking, with a 32% decline in its merger advisory and 22% slump in its equity-underwriting business.
The layoffs are due to difficult market conditions caused by the Federal Reserve's war on inflation and the banking crisis