![]() And headhunters say they're not getting Morgan Stanley CVs. Operating Revenue / Front Office full time employees (US$) (Investment Banking)ĭespite the lingering threat of being laid off, insiders at the bank tell us they're not looking for jobs yet. Investment bankers at HSBC, Deutsche Bank and UBS were far less productive on a per head basis. In 2022 Morgan Stanley's operating revenues per employee were higher than the average marked by the dotted line. As the chart below, taken from banking intelligence firm Tricumen's 2022 review, shows, Morgan Stanley should be relatively immune to the need to cut costs. For most banks, it's not a question of if - but when. Barclays has been trimming again, despite a strong quarter. Lazard is also making a few hundred investment banking job cuts. When deals collapsed again, the bank first slashed analyst and then associate bonuses and now stands to cut analysts and associates (and VPs and MDs) themselves. ![]() The cuts come after a few years in which Morgan Stanley strengthened its junior investment banking ranks with external hires from banks like Nomura as deals boomed immediately after the pandemic. ![]() "If 3,000 people are going with a focus on sales and trading and IBD, then literally every level will be impacted and literally every team. "Everybody is worried," says one London analyst in Morgan Stanley's investment banking division. It's been a week since Morgan Stanley announced that it plans to cut 3,000 jobs, and so far it seems that no one in the bank has heard anything about who will be impacted.
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