Morgan Stanley cuts 2,500 jobs amid record revenue but the reason is not AI

Morgan Stanley has effected layoffs to cut about 3% of its workforce, or roughly 2,500 employees, despite a record year for revenue.

The job cuts were across the bank’s three major divisions: investment banking and trading, wealth management, and investment management, but do not affect its financial advisors, WSJ reported. The Morgan Stanley layoffs are based on strategy and individual performance, and the bank intends to add headcount in other areas.