Morgan Stanley making 'modest' job cuts -CEO

STORY: "Some people are going to be let go," Gorman said without specifying numbers. "We're making some modest cuts all over the globe. In most businesses, that's what you do after many years of growth."

Corporations have shied away from dealmaking and stock listings as inflation in the United States continues at levels way above the Federal Reserve's 2% target. That has put pressure on investment banks like Morgan Stanley, which earned billions of dollars in advisory fees amid unfettered market optimism last year.

Goldman Sachs Group Inc and Citigroup Inc have also cut jobs this year.