The moves are seen as setting the stage for CEO James Gorman’s eventual retirement; banks outside the U.S. are suffering from the greenback’s recent rise.
Banks could shed as much as 20 million square feet of office space over the next five years as they shift many functions to high-tech operations centers in markets with cheaper rents.
The decision not to go after the real estate firm could have “serious implications” for lenders; British banks have three months to address technology issues.
A number of banks are upgrading technology and hiring more lenders to better reach small-business owners, who are becoming more confident in their outlooks.
