Morgan Stanley Plans Major Layoffs in Wealth Management Division

Morgan Stanley is reportedly planning to cut hundreds of jobs in its wealth management division as part of a cost-saving initiative under new CEO Ted Pick. The layoffs are expected to affect less than 1% of the division's 40,000 workers and are attributed to redundancies stemming from the acquisition of E*Trade in 2020. The wealth management unit, which oversees around $5 trillion in assets, has become a significant revenue generator for the bank. This move marks the first major decision by Pick since taking over from former CEO James Gorman at the beginning of the year.