Morgan Stanley plans more job cuts

Morgan Stanley is planning to cut more jobs after reporting a drop in profit during the first three months of the year, US media reported on Monday.

The bank aims to trim its headcount nearly 4 percent this quarter after ending March with more than 82,000 employees, according to the reports.

The US investment and financial services giant said in a recent earnings report that its profit dropped 20 percent in the first three months of this year amid a slowdown in mergers and acquisition advising.

The global financial institution at the end of last year trimmed about 2 percent of its staff or some 1,600 positions, CNBC reported at the time. The new round of cuts is expected to involve about 3,000 jobs.

Word of more layoffs at Morgan Stanley came as JPMorgan Chase’s takeover of First Republic resolved the fate of the last major bank caught up in recent upheaval.

The sector still faces a weakening economy and challenges from higher interest rates. Ever since the March collapse of Silicon Valley Bank ignited fears of widespread failures among midsize banks, the industry has been operating under a cloud of uncertainty.