Morgan Stanley is laying off several hundred in wealth-management division

(Image: Getty)

Fri, 16 Feb 2024

By AnnaMaria AndriotisMorgan Stanley plans to cut several hundred jobs in its wealth-management division.New chief executive Ted Pick is seeking to rein in costs in an area that is critical to the Wall Street firm’s success but that has shown signs of weakening lately.The cuts, which include a small number of managing directors as well as non-customer-facing employees, are expected to hit less than 1% of the wealth unit’s employees, who number fewer than 40,000 in total. Affected employees are expected to be notified as soon as...

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