AI-Driven Back-Office Push Linked to Morgan Stanley Layoffs, Insiders Say
Morgan Stanley reportedly cut about 3% of its global workforce, with insiders saying the reductions target back-office roles in investing and wealth management to be replaced by AI bots, despite the firm’s claim that the cuts reflect shifting priorities and performance. The piece notes chatter of a ChatGPT-powered initiative in wealth management and suggests broader Wall Street adoption of AI-driven cuts. It also includes a separate anecdote about a marketing executive stranded in Doha during a regional conflict.