Morgan Stanley to reportedly cut hundreds of jobs in wealth management division

Morgan Stanley will reportedly slash several hundred bankers in its wealth management division in a cost-saving measure implemented by the Wall Street firm’s new CEO Ted Pick.The company plans to cut managing directors as well as other non-customer-facing employees, according to The Wall Street Journal, which was the first to report the planned layoffs.The anticipated cuts are expected to impact less than 1% of a division that has roughly 40,000 workers, according to The Journal.The layoffs are the first ma ...