Keith Snyder

Morgan Stanley just FIRED 2,500 people. Not because the company is struggling. They posted record revenue last year, $70.6 billion, and it was their best year ever. But they fired them anyway. Investment banking, wealth management, front office, back office and across all divisions. The CEO of Anthropic, the company building one of the most powerful AI systems on Earth, went on national television and said AI will wipe out 50% of entry-level white collar jobs.​ Entry-level law, finance and consulting. The exact jobs Morgan Stanley just cut. Last week, Jack Dorsey laid off 4,000 people at Block. Nearly half the company and his reason? AI tools make humans unnecessary. He said most companies will reach the same conclusion within a year. Morgan Stanley's own research team surveyed nearly 1,000 companies already using AI. They found an 11% job elimination rate, a 4% net headcount decline, and productivity up 11.5%.​ The machines are cheaper, faster and they don't need health insurance. Morgan Stanley itself predicted 200,000 European banking jobs will disappear in five years.​ And then they started cutting their own. Record profits, record layoffs while AI gets the credit and workers get the door. The man building the technology is telling you it's coming. The banks using the technology are proving it. And yet no one in Washington has a plan.

Kevin Pittsnogle That guy rocked.