Morgan Stanley pledges no job cuts in 2020 — and several banks follow

Citi, Wells Fargo and Bank of America all vowed to maintain staffing levels throughout the coronavirus crisis, while HSBC and Deutsche Bank, which were planning layoffs, put them on hold. Morgan Stanley CEO James Gorman's declaration in a memo Thursday that the bank would not cut any jobs in 2020 spurred several of its peers to make similar assurances. Bank of America CEO Brian Moynihan echoed Gorman's promise not to lay off staff this year in an interview with the Financial Times published Friday. Citigroup chief executive Mike Corbat ordered a suspension of any planned staff cuts, Reuters reported Thursday. But the move is temporary, a source told Bloomberg. Wells Fargo said it would hold off on any staff cuts, likewise stressing the lift is subject to change. "We have paused initiating new displacements," Beth Richek, a spokeswoman for the bank, said Thursday in a statement, according to Bloomberg. "We will continue to evaluate during this fluid situation." The moratorium isn't limited to banks. Visa CEO Al Kelly wrote in a LinkedIn post Thursday that he told employees the payment network would not institute any coronavirus-related layoffs.

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