The Wall Street Journal

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

Morgan Stanley is laying off several hundred in wealth-management division
(Image: Getty)
The Wall Street Journal
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...

More World

Google revenue soars on AI boom
Technology

Google revenue soars on AI boom

Google is spending billions of dollars on infusing its products with AI capabilities.

GM profit shrinks after US$1.1 billion tariff hit
World

GM profit shrinks after US$1.1 billion tariff hit

Automaker warns tariff impact will be greater next quarter; stock price tumbles.

Universal Music Group files for public offering
Technology

Universal Music Group files for public offering

The music conglomerate filed a confidential registration statement with the SEC.