Morgan Stanley Announces Layoffs in Wealth Management Division

The layoffs, affecting less than 1% of the division's staff, are part of cost-cutting measures amid economic uncertainties.

Morgan Stanley plans to lay off several hundred employees in its wealth management division, citing a slowdown in recent months.
The layoffs are among the first major moves by new CEO Ted Pick, who took over on January 1.
Affected employees include managing directors and non-customer-facing staff, with financial advisors reportedly not impacted.
The wealth management division has been a significant revenue source for Morgan Stanley, especially after acquisitions like Eaton Vance and E*Trade.
The bank aims to reach $10 trillion in assets under management, a target reiterated by CEO Ted Pick.