Morgan Stanley announced that it's downsizing about 1,500 employees, primarily in New York and London
In a so-called “hot” job market, downsizing has become a regular occurrence at banks. Banking and financial institutions are confronted with a toxic combination of falling interest rates, uncertainty over Brexit, tensions between China and the United States, Hong Kong protests, the ramifications of trade wars and the possibility of a recession and an accompanying downturn in the global stock markets.
There has not been any comments if the culling had anything to do with the recent report of allegations that Morgan Stanley traders concealed a $140 million loss. The traders were accused of mismarking emerging market currency trades. Gorman has been moving the bank away from risky trading-related activities and concentrating on building up their more steady wealth management business.
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