Announces record profit but lays off thousands

Known for its massive workforce of approximately 83 thousand people, Morgan Stanley achieved significant revenue growth across all business lines last year. Revenue in the investment banking sector, in particular, grew by over 50 percent, exceeding expectations. However, these successful financial results did not prevent the company from downsizing its workforce.

In a statement made by the company's management, it was noted that the button has been pressed to reduce the total number of employees by approximately 3 percent. The investment banking, trading, and wealth-investment management units will be particularly affected by this process. Employees in financial advisor positions, however, will be protected from the layoffs.

It was stated that various criteria such as business priorities, individual performance, and location strategy were taken into account in the decision to lay off staff. Furthermore, it was expressed that the company plans to strengthen its personnel staff in certain departments by making new investments in various areas.

News Source: 12punto