Morgan Stanley is laying off approximately 2,500 employees, contributing to tens of thousands of job cuts already seen in the financial sector this year, with other major firms like Citigroup and Block also reducing their workforces.
Morgan Stanley has announced the layoff of roughly 2,500 employees, specifically targeting support functions within its profitable wealth management division, while financial advisors remain unaffected. This move by the Wall Street giant is part of a wider trend impacting the financial sector, which has already seen tens of thousands of job cuts just two months into the new year. Other prominent firms, including Citigroup and Blackrock, have also reportedly trimmed their headcounts. Financial technology company Block, owner of Cash App and Square, recently announced a significant 40% reduction in its workforce, with founder Jack Dorsey citing AI productivity gains. However, industry observers noted Block's substantial workforce growth from 3,800 to 12,000 employees between 2019 and 2025. The layoffs at Morgan Stanley were initially reported by The Wall Street Journal.
