Morgan Stanley to Cut Several Hundred Jobs in Wealth Unit
- Less than 1% of workers in the division will be affected
- New CEO Ted Pick took over from James Gorman in January
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Morgan Stanley is planning to eliminate several hundred jobs, the first such move under Chief Executive Officer Ted Pick.
The cuts will affect less than 1% of employees in the wealth-management business, which has about 40,000 workers and is the firm’s largest unit, according to a person with knowledge of the matter.