Morgan Stanley cuts 3% of workforce, affecting roughly 2,500 employees across investment banking and wealth management divisions in latest restructuring.

Goldman's profit rose to $4.74 billion, or $14.12 per share, for the three months ended March 31, the bank said. That compared with $4.13 billion, or $11.58 per share, a year earlier.

Morgan Stanley's net income rose to $3.1 billion, or $1.82 per share, in the three months ended June 30. That compares with $2.2 billion, or $1.24 per share, a year earlier.

New Year's Day marks the official start date for several CEOs of prominent companies to begin their new role, including Krispy Kreme, Morgan Stanley and Sherwin-Williams.

The CEOs of the eight largest U.S. banks planned to push back on pending banking regulations as burdensome at Tuesday's hearing before the Senate Banking Committee.

Profit for the three months ended Sept. 30 was $2.4 billion, the bank reported on Wednesday. That compares with the $2.6 billion recorded a year earlier.

Massachusetts is investigating the use of artificial intelligence by investment firms in client-facing tools and marketing materials to ensure there are safeguards.

Among the top performers were Charles Schwab Corp. and Deutsche Bank's U.S. operations, while regional lenders Citizens Financial Corp. and US Bancorp were the laggards of the pack.

The International Monetary Fund initially predicted Germany and Britain alone to suffer recessions as inflation remains high across Europe and spending drops in response.

Morgan Stanley Chief Executive Officer James Gorman told the investment bank’s shareholders on Friday that he will step down within the next 12 months.