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.
IRAs now hold nearly twice the assets of 401(k) plans — and most of that money didn't arrive through annual contributions.
A new survey finds that many women prioritize financial security but continue to leave savings in accounts that may not keep pace with inflation.
Roundhill, Bitwise and GraniteShares funds remain on hold while the agency weighs how novel ETFs should be regulated.
"Shares of alternative assets managers have lagged this year as investors grow wary of private-credit exposure."
The fintech platform is touting a new AI-free Planning Observations feature, which draws on IRS tax records to uncover opportunities for advisors.
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
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
