Morgan Stanley (NYSE:MS) is reportedly planning another round of layoffs, with approximately 3,000 jobs on the chopping block.
It would mark the second wave of layoffs in just six months for the Wall Street bank, according to a source familiar with the matter.
The job cuts are expected to take place globally this quarter and are said to be in response to difficult market conditions.
Morgan Stanley (NYSE:MS) is not alone in feeling the pinch. Investment banks across the board have been hit hard by a slump in dealmaking, largely due to the Federal Reserve's war on inflation and the ongoing banking crisis.
The layoffs won't be confined to any one area of the company, except for the wealth management division that includes financial advisers.
Morgan Stanley (NYSE:MS) currently employs around 82,500 people, and declined to comment on the layoffs, according to Bloomberg, which first reported the news.
Just last month, Morgan Stanley (NYSE:MS) announced a 24% drop in investment banking revenue, which was largely driven by a slowdown in mergers, initial public offerings, and debt financing.
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