Morgan Stanley fired about 2% of its employees on Tuesday, according to those with knowledge of the terminations, CNBC News reported.
The firings affected approximately 1,600 of the company’s 81,567 staff members in nearly every department of the global investment bank.
Financial advisers were spared, according to the sources, apparently because they generate revenue by managing client assets.
Before the pandemic, investment banks fired 1% to 5% of those determined to be the most underperforming staff members every year before bonuses are paid, which leaves more money to give other employees.
Morgan Stanley, based in New York, has joined others, such as Goldman Sachs, Citigroup, and Barclays, in returning to that pre-pandemic practice this year, after its last such company-wide firings were in 2019.
Brian Freeman ✉
Brian Freeman, a Newsmax writer based in Israel, has more than three decades writing and editing about culture and politics for newspapers, online and television.
© 2026 Newsmax. All rights reserved.