Morgan Stanley to Cut Hundreds in Wealth Management Layoffs

Morgan Stanley is planning to lay off hundreds of employees in its wealth management unit, representing less than 1% of the division's workforce, as part of cost-cutting measures amid uncertainty around interest rate cuts by the U.S. Federal Reserve. The move comes as the bank aims to reduce its dependence on trading and investment banking revenues and achieve its target of reaching $10 trillion in assets under management. This decision marks one of the first significant moves by the bank's new CEO, Ted Pick, who took over at the beginning of the year.