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Morgan Stanley plans to cut about 2,000 jobs, representing over 3% of its investment banking staff, following similar moves by Goldman Sachs and Bank of America due to an unexpected lack of deal activity. Despite these reductions, the bank continues to hire at senior levels in anticipation of a market recovery.In a related note, Citigroup's latest proxy statement reveals that COO Anand "Selva" Selvakesari has dropped from the list of top-paid executives, likely due to a lower payout from the Transformation Bonus Program amid ongoing challenges in risk management and regulatory relations.
Morgan Stanley plans to lay off about 2,000 employees, representing 2% to 3% of its workforce, as part of a cost-cutting strategy amid a slowdown in banking activity. This decision marks the first major job cuts under CEO Ted Pick, who emphasizes performance-based reductions rather than short-term market reactions. Despite the layoffs, the bank continues to hire in key investment banking areas, anticipating a future rebound in capital markets.
Morgan Stanley plans to lay off around 2,000 employees, marking the first major workforce reduction under CEO Ted Pick. The cuts, affecting various departments but excluding 15,000 financial advisors, are part of a strategy to manage costs amid a challenging economic environment.This decision comes as Wall Street faces broader workforce reductions, with Goldman Sachs also announcing cuts. Factors influencing the layoffs include performance issues, shifts in workforce strategy, and advancements in automation, while the firm continues to expand its senior investment banking team in anticipation of a market recovery.
Morgan Stanley plans to cut approximately 2,000 jobs as part of its cost management strategy, marking the first major layoffs under CEO Ted Pick. The reductions will impact various sectors of the firm, excluding its 15,000 financial advisors, and come amid low employee turnover. The bank, which employs around 80,000, made this decision before recent market fluctuations.
UBS CEO Sergio Ermotti earned CHF 14.9 million in 2024, slightly more than the previous year, but significantly less than his American counterparts, who command salaries up to $39 million. While Ermotti's daily earnings surpass the Swiss median salary, European bank CEOs generally earn much less than their U.S. peers, highlighting a stark contrast in compensation within the banking sector.
UBS chief Sergio Ermotti was paid €15.4 million last year, maintaining his position as Europe's highest-paid bank executive amid increasing scrutiny of financial sector remuneration in Switzerland. His compensation exceeds that of peers at HSBC, Deutsche Bank, and Banco Santander, but remains lower than US counterparts like Jamie Dimon and Ted Pick. As UBS faces potential capital requirement increases following the Credit Suisse takeover, Ermotti and chair Colm Kelleher criticized the public debate on executive pay, warning that excessive regulations could harm Switzerland's economic competitiveness.
Digital assets, particularly bitcoin, are poised for significant acceptance in 2025, driven by the election of Donald Trump, who aims to position the US as the "crypto capital of the planet." His executive order promotes a federal regulatory framework and encourages institutional investment, with over 1,000 entities, including hedge funds and banks, already involved. Meanwhile, the European Central Bank is exploring a digital euro in response, highlighting a global shift towards digital currencies amid rising inflation and fiscal challenges.
Wall Street banks, including Morgan Stanley and Bank of America, are seeking to recover losses from Elon Musk's Twitter buyout by selling portions of the $13 billion debt provided in 2022. They aim to offer senior debt portions at 90-95 cents on the dollar, incentivized by a claim on Musk's AI startup, xAI Corp, which has a valuation boost of about $6 billion. The optimism surrounding Musk's close ties with the Trump administration is fueling hopes for improved profitability and future deal-making opportunities.
Morgan Stanley CEO Ted Pick expressed optimism about the stock market, predicting continued U.S. economic outperformance into 2025, driven by strong corporate balance sheets and consumer spending. While acknowledging potential risks from policy uncertainty and inflation, he remains constructive on sectors like financials and industrials. Pick also highlighted the importance of U.S.-China economic cooperation amid geopolitical tensions and proposed tariffs.
At the Global Financial Leaders’ Investment Summit in Hong Kong, Apollo CEO Marc Rowan highlighted a U.S. "industrial renaissance" driving significant capital demand, fueled by government spending on infrastructure and technology. Panelists noted a resurgence in capital raising, particularly in energy and data centers, with expectations for robust M&A activity in 2025 as economic conditions improve.
Ted Pick
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