Morgan Stanley Chief Executive James Gorman suggested job cuts might be coming as senior executives assess head count at the Wall Street firm.
“You’ve got to take into account the rate of growth we’ve had in the last few years,” Gorman said Friday in a conference call with analysts after his bank reported its third-quarter results. “We’ve learned some things during Covid about how we can operate more efficiently. So that’s something the management team is working on between now and the end of the year.”
The balance of power in the job market, which had favored employees since the start of the pandemic, has begun to shift as Covid-19 cases continue to abate and financial markets slump.
Wall Street firms are stepping up pressure on workers to return to the office, and a growing number of banks are signaling plans to reinstate periodic job cuts.
Last month, Goldman Sachs Group Inc. CEO David Solomon resumed the firm’s practice of periodically culling underperformers to make way for fresh talent.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
