Daily Labor Report®

Morgan Stanley CEO Says Lack of Attrition Led to 2019 Job Cuts

Jan. 22, 2020, 1:56 PM

Morgan Stanley had to cut jobs last year because not enough employees made the leap on their own.

“We’ve had no attrition,” Chief Executive Officer James Gorman said Wednesday in an interview with Bloomberg Television in Davos, Switzerland. “Nobody’s leaving and we got to the end of the year and we said, ‘Does this really add up?’ We just promoted 130 new managing directors. You’ve got to create capacity for these folks.”

WATCH: Gorman discusses boom-bust cycles, the Fed’s balance sheet and Morgan Stanley’s expansion plans.
Source: Bloomberg)

The investment bank eliminated about 1,500 positions globally, skewed toward technology and operations divisions, people with knowledge of the matter said in December. Executives in sales, trading...

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