Key takeaways
- Morgan Stanley has announced 3,000 job roles will be cut in second round of layoffs
- Bank of America, Citigroup and others have also made similar announcements in recent weeks
- The banking sector has now survived three US bank failures after First Republic became the latest to collapse
The banking sector is really going through it right now. As the industry still gets used to the new landscape without regional bank First Republic in it, Morgan Stanley has become the latest to confirm more mass layoffs.
The bank joins peers like Bank of America, Citigroup and Goldman Sachs, all of which have announced layoffs thanks to a dismal forecast for corporate deals and IPOs this year. As the economy lags and talk of a recession grows, deal volume has been way down, which is hurting some banks despite stellar earnings.
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