This is the second round of job cuts undertaken by the Wall Street investment bank in the last six months.
Shares of Morgan Stanley fell by some 2.6% at around 10:45 a.m. Eastern time on Tuesday.
The latest move follows another quarter in which fees from the investment banking unit fell, dragging total revenue down nearly 2% to $14.5 billion.that “expense management” was a priority given the broader market uncertainty and elevated inflation. Wall Street’s investment banks have suffered from a downturn in deals as investors grew more cautious about volatile markets and rapidly rising interest rates.Goldman Sachs has reduced headcount by 3,200 jobs, which is the equivalent of 6.5% of its 49,000-strong global workforce.Morgan Stanley’s profit beat expectations as wealth management revenue climbed in the first quarter, offsetting slumps in investment banking and trading revenue.
The bank earned $1.70 per share, beating analysts’ average estimate of $1.62 per share, according to Refinitiv data.REUTERSThe Wall Street powerhouse set aside $234 million in the quarter to cover souring loans, rising from $57 million a year ago, as it braced for a recession and weakness in the commercial real estate market.
First Republic Bank, which had nearly $230 billion in assets under its management, was thrown into receivership by the Federal Deposit Insurance Corporation on Monday.
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