Morgan Stanley Making ‘Modest’ Job Cuts; CEO ‘Wouldn’t Bet Against’ Musk

[Epoch-Times-Bot]

Morgan Stanley Making 'Modest' Job Cuts; CEO 'Wouldn't Bet Against' Musk

NEW YORK—Morgan Stanley is making modest job cuts worldwide, Chief Executive Officer James Gorman said on Thursday, as sluggish deal markets weigh on Wall Street profits.
“Some people are going to be let go,” Gorman said at the Reuters NEXT conference, without specifying numbers. “We’re making some modest cuts all over the globe. In most businesses, that’s what you do after many years of growth.”
Corporations have postponed dealmaking as U.S. inflation remains high. That has put pressure on investment banks that earned record profits last year from advising on mergers, acquisitions and initial public offerings.
In a wide-ranging interview, Gorman also praised billionaire Tesla Inc. chief Elon Musk, one of the bank’s clients....

Source: Morgan Stanley Making 'Modest' Job Cuts; CEO 'Wouldn't Bet Against' Musk

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