Morgan Stanley (NYSE: MS) is set to enact job reductions within its wealth management sector, as newly appointed CEO Ted Pick initiates cost-cutting measures amid signs of a slowdown in this crucial segment of the firm's operations.
The Wall Street Journal reports Wednesday the impending layoffs will affect hundreds of positions, a modest fraction of the division's workforce, which totals less than 40,000, targeting a mix of roles including a few managing director positions and several non-client-facing staff.
The announcement of these layoffs is anticipated to be made public to the affected employees imminently, according to sources who spoke to WSJ. This move marks one of ...