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.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
