Morgan Stanley to Layoff Hundreds

Morgan Stanley is a multinational investment bank and financial services company that provides services to corporations, governments, institutions, and individuals. Boasting of offices in about 41 countries, the company was founded in 1935 and is headquartered in New York City.

According to reports, Morgan Stanley has announced plans to lay off hundreds of employees across the wealth management unit, citing economic uncertainties and concerns about the direction of interest rate cuts by the U.S. Federal Reserve. The layoffs will affect less than 1% of the division’s workforce.