Morgan Stanley job cuts signal AI-led shift that could reach Indian banks

Global banking giant Morgan Stanley’s decision to cut about 2,500 jobs worldwide has once again drawn attention to the growing influence of artificial intelligence and automation on employment within the financial services industry, with potential implications that could eventually extend to banking sectors in emerging markets such as India.

The layoffs, announced on Thursday, represent roughly three percent of the Wall Street bank’s global workforce and will affect several divisions including investment banking, trading, and asset management.