Morgan Stanley intends to slash several hundred jobs in its wealth management unit as new CEO Ted Pick aims to rein in costs in an area that is critical to the lender’s success but has shown signs of weakening as of late, the Wall Street Journal’s AnnaMaria Andriotis reports. The layoffs, which include a small number of managing directors and non-customer-facing staff, are expected to affect less than 1% of the wealth division’s employees, which number less than 40,000, the author notes.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on MS:
- Opening Day: Maker of Wilson tennis rackets raises $1.37B in discounted IPO
- Astera labs planning March IPO, The Information reports
- JPMorgan financial services analysts hold an analyst/industry conference call
- Morgan Stanley CEO tells CNBC U.S. is likely past peak inflation
- Morgan Stanley CEO says not changing strategy, as it’s working
Questions or Comments about the article? Write to editor@tipranks.com