Morgan Stanley CEO Gorman tells workers: ‘Your jobs are safe’
Morgan Stanley CEO James Gorman informed his workers that regardless of the upheaval attributable to the coronavirus pandemic, their jobs can be safe by way of this 12 months.
“I’m certain some, if not many, of you might be apprehensive about your jobs,” Gorman mentioned Thursday in a workers memo.
“Whereas long run we won’t ensure how this can play out, we need to decide to you that there won’t be a discount in drive at Morgan Stanley in 2020,” Gorman mentioned. “Except for a efficiency challenge or a breach of the Code of Conduct, your jobs are safe.”
Morgan Stanley, a prime participant in wealth administration, funding banking and equities buying and selling, had 60,431 workers at year-end. About 90% of the financial institution’s workers had been working from residence to scale back the unfold of the coronvirus, in accordance with Gorman.
Whereas Gorman’s transfer is certain to calm frayed nerves on Wall Road, the financial institution had just completed a reduction in drive of about 2% of its workers late final 12 months, as CNBC first reported. The job cuts on the time, a part of an annual cull…