Recent Morgan Stanley Cuts Were ‘Overdue:’ Gorman

Morgan Stanley’s layoffs in early December were a necessary part of the firm’s overall growth strategy, CEO James Gorman said during the firm’s earnings presentation Tuesday. Last year’s dismal market performance could have made its U.S. asset management business a target for headcount reductions, said Craig Kilgallen, a relationship manager at FUSE Research, which does not count Morgan Stanley as a client.

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Article published on January 18, 2023