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Friday, March 27, 2020

Some Asset Manager's Parents Are Shielding Jobs Mid-Crisis

News summary by MFWire's editors

Fundsters at several publicly traded banks' asset management arms may be breathing a little easier this week, and not just because the markets are up a few days in a row after some rough weeks in light of the coronavirus crisis.

James Patrick Gorman
Morgan Stanley
Chairman, CEO
James Gorman, CEO of Morgan Stanley (parent of Morgan Stanley Investment Management), sent all the investment bank's employees a memo yesterday insisting that the firm their "jobs are secure" as the bank won't reduce its headcount this year at all, according to reports from Bloomberg, CNBC, Reuters, and Seeking Alpha.

Reuters notes that Deutsche Bank (the parent of publicly traded asset manager DWS) and Wells Fargo (the parent of Wells Fargo Asset Management) are both pushing pause on their job cuts. 

Edited by: Neil Anderson, Managing Editor

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