Post by account_disabled on Feb 27, 2024 6:46:31 GMT
Morgan Stanley, the financial multinational, will lay off 3,000 workers due to financial uncertainty. The entity is not the only one in the banking industry that has laid off part of its staff. Others, such as Goldman Sachs, follow the same path, although still far from the big technology companies. Large technology companies began a rocky road with the end of the pandemic: while they increased their hiring until 2021, with the arrival of the war in Ukraine and the resulting inflation, this trend was reversed. Thus, giants such as Amazon, Meta, Google and Microsoft topped the podium of those that made the most cuts in 2022. The number of layoffs increased, respectively, to 27,000, 21,000, 12,000 and 10,000 workers. Although far from the technology companies, the banks have also decided to get on the bandwagon of cuts. The latest of these announcements was that of Morgan Stanley , a United States financial multinational, which announced the dismissal of 3,000 workers . With this, the company undertakes its second round of layoffs.
Since in December of last year it cut its workforce by 1,600 people , which was followed by the payment of 133 million dollars in compensation, as Bloomberg reported at the time . That is, Morgan Stanley has laid off almost 5,000 people in just 5 months , a figure that has not been seen since 2019, the date on which the multinational laid off Oman WhatsApp Number approximately 2% of its workers. What does not kill, makes stronger: why the brick protects the Spanish banks from the banking storm In any case, Morgan Stanley is not the only one in the sector that faces an uncertain situation, since banking is one of the most vulnerable, due to the increase in credit prices as a result of the increase in interest rates by central banks. . A personal trainer lost 6 kilos in a month by eating pizza daily to prove that you can lose weight and enjoy Thus, Goldman Sachs also laid off 3,200 workers earlier this year , 6.5% of the total workforce.
The entity justified the decision due to the bad moment that the coverage of stocks and bonds, in addition to advising on mergers and acquisitions, is going through. To this we must add the panic generated by the bankruptcy of Silicon Valley Bank in March of this year and which seems to continue adding victims. Recently, JPMorgan announced that it would take over First Republic , the third US regional bank that regulators have taken over. The bank itself acknowledged that its deposits had fallen by up to 41% during the first 3 months of 2023 to $104.5 billion and it planned to cut staff. That is, almost the same steps as banking as a whole. For this reason, Morgan Stanley, Goldman Sachs and other entities have made this decision, to which more and more cuts could be added if uncertainty continues to reign.