Wall Street executives blame Morgan Stanley’s latest layoffs on AI
NY Post
Morgan Stanley’s surprise round of layoffs this past week was the result of “shifting business and location priorities,” and “individual job performance” issues here and abroad, according to the firm’s flacks.
But insiders close to the Wall Street giant say the real culprit can be summed up in two letters: “A” and “I.”
No doubt, some of the employees who were axed — amounting to 3% of the mega bank’s global workforce — were falling short of expectations.
But Morgan Stanley is a tough place to get hired at in the first place.
I can’t imagine CEO Ted Pick and his team had loaded up with 2,500 bankers and traders who were dead weight.
In fact, my sources at the firm say the cuts across the firm’s investment banking and trading, wealth management and investment management divisions are mostly about replacing back-office workers in these areas with artificial intelligence bots.
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Morgan Stanley’s surprise round of layoffs this past week was the result of “shifting business and location priorities,” and “individual job performance” issues here and abroad, according to the firm’s flacks.
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