Morgan Stanley joins layoffs rush

Job cuts are accelerating at Wall Street as deal volumes plummet and economy suffers from high inflation rate and aggressive Fed monetary tightening . It began with Goldman Sachs, cutting about 500 jobs and followed by Citigroup and others. Morgan Stanley is cutting about 1,600 globally with Mehnaz Yasmin

Way back in June, I said that the RIF (Reduction in Force) was returning to Wall Street after a two-year hiatus. (read & watch: https://lnkd.in/g527vaqf) Goldman Sachs, Citi and Barclays have since implemented staff reductions , adjusting to a depressed level of capital markets activity. Today, Morgan Stanley followed suit with a 2% RIF, ppl with knowledge of the situation told CNBC. Only financial advisors were spared.... #wallstreet #layoffs #jobs https://lnkd.in/ebsn9wbF

More than 46,000 employees were laid off in the month of November alone as employers fear high inflation could bring the economy into recession—and the layoff trend does not appear to be slowing. Forbes has been tracking major layoffs this fall. So far this week, Morgan Stanley has reportedly laid off roughly 2,000 employees, while BuzzFeed cut 180, Pepsi laid off "hundreds" and Gannett decided to let go of 6% of its staff. https://lnkd.in/e9CzsD6X

I’m sad and surprised to announce that today I was impacted by layoffs at Morgan Stanley. Over the last year, I’ve had the opportunity to work as Senior SM/AVP in Sandy Utah on an excellent team. I want to express my gratitude to Morgan Stanley for the trust and opportunity. And to my teammates, managers and clients that I’ve worked with and learned from, thank you all. Such a great company and team! I’m excited to see what the future holds!