Morgan Stanley is cutting approximately 3% of its global workforce, affecting approximately 2,500 positions across its key divisions. The job cuts will affect the investment banking, trading, and wealth management units. The bank, which has around 83,000 employees, posted record revenue in 2025 due to a revival in dealmaking, market volatility, and increased spending by wealthy clients. Despite these strong results, Morgan Stanley has previously cut staff several times in the past.