<p>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.</p>.<p>The bank aims to trim its headcount nearly 4 per cent this quarter after ending March with more than 82,000 employees, according to the reports.</p>.<p>The US investment and financial services giant said in a recent earnings report that its profit dropped 20 per cent in the first three months of this year amid a slowdown in mergers and acquisition advising.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/india-to-see-22-job-churn-in-5-yrs-ai-roles-on-rise-1214604.html" target="_blank">India to see 22% job churn in 5 yrs; AI roles on rise</a></strong></p>.<p>The global financial institution at the end of last year trimmed about 2 per cent of its staff or some 1,600 positions, <em>CNBC </em>reported at the time.</p>.<p>The new round of cuts is expected to involve about 3,000 jobs.</p>.<p>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.</p>.<p>The sector still faces a weakening economy and challenges from higher interest rates.</p>.<p>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.</p>.<p>But notwithstanding First Republic, April earnings reports showed the industry is in passable condition.</p>
<p>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.</p>.<p>The bank aims to trim its headcount nearly 4 per cent this quarter after ending March with more than 82,000 employees, according to the reports.</p>.<p>The US investment and financial services giant said in a recent earnings report that its profit dropped 20 per cent in the first three months of this year amid a slowdown in mergers and acquisition advising.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/india-to-see-22-job-churn-in-5-yrs-ai-roles-on-rise-1214604.html" target="_blank">India to see 22% job churn in 5 yrs; AI roles on rise</a></strong></p>.<p>The global financial institution at the end of last year trimmed about 2 per cent of its staff or some 1,600 positions, <em>CNBC </em>reported at the time.</p>.<p>The new round of cuts is expected to involve about 3,000 jobs.</p>.<p>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.</p>.<p>The sector still faces a weakening economy and challenges from higher interest rates.</p>.<p>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.</p>.<p>But notwithstanding First Republic, April earnings reports showed the industry is in passable condition.</p>