Morgan Stanley and Goldman Sachs are considering further cuts in staff, the Wall Street Journal reported, citing people familiar with the matter.
Morgan Stanley is considering laying off up to 5% of its 47,000 employees, while Goldman Sachs is also contemplating further cuts in staff after letting go about 10% of its employees late last year, the paper said.
Morgan Stanley, which let go of about 7,000 employees last year, may decide on another round of staffing cuts in the next two weeks, the paper wrote.
The cuts could affect back-office and support functions including technology, infrastructure and human resources, the paper added.
For Morgan Stanley, there could also be additional cuts in riskier trading businesses which have fallen out of favor with regulators and investors, the paper reported.
For both the companies no decisions have been finalized, the paper said.
Morgan Stanley and Goldman Sachs were not immediately available for comment. (Reuters)