Morgan Stanley’s surprise decision to cut 2,500 jobs — 3 percent of its global workforce — was driven primarily by artificial intelligence, according to reporting by the New York Post’s Charles Gasparino.
The firm officially attributed the cuts to “shifting business and location priorities” and employee performance, but Gasparino reports that sources inside Morgan Stanley say the real story is the replacement of back-office workers with AI bots across the firm’s investment banking, trading, and wealth management divisions.
“Management just launched an awesome AI program with ChatGPT in the wealth management division,” one Morgan Stanley…
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