Morgan Stanley is planning another round of layoffs that would wipe out approximately 3,000 jobs, a person familiar with the matter tells CNN.
The job cuts would mark the second round of layoffs in the past six months at Morgan Stanley.
The Wall Street bank is preparing to cut roughly 3,000 jobs around the world this quarter due to difficult market conditions, the source said.
Investment banks have been hurt by a slump in dealmaking caused by the Federal Reserve’s war on inflation and the banking crisis.
The layoffs will take place across the company, except Morgan Stanley’s wealth management division that includes financial advisers, the source said. The company employed about 82,500 people as of the end of last year.
Morgan Stanley declined to comment on the layoffs, which were first reported by Bloomberg News.
Last month, Morgan Stanley disclosed a 24% drop in investment banking revenue driven by a slowdown in mergers, initial public offerings and debt financing.