Morgan Stanley sacks 1,500 globally, including MDs, in year-end job cuts

The strategy has largely paid off, with Morgan Stanley gaining market share even while it reduced headcount and capital dedicated to the business

Morgan Stanley is cutting about 1,500 jobs globally, including several managing directors, as part of a year-end efficiency push.

The cuts are skewed toward technology and operations divisions, but also include executives in sales, trading and research operations, people with knowledge of the matter said. The reductions amount to about 2 per cent of the firm’s workforce, according to one of the people, who asked not to be identified because the information is private.

Investment banks around the world have been trimming staff amid a multiyear slump in trading revenue and the expectation that more of the business will move