Morgan Stanley Plans About 2,000 Job Cuts to Keep a Lid on Costs

Morgan Stanley is planning to cut about 2,000 employees later this month in the first major workforce reduction under Chief Executive Officer Ted Pick.

The cuts will take place across the firm, with the exception of its roughly 15,000 financial advisers, according to people familiar with the matter. The plan for reductions at the bank, which has about 80,000 employees, was set in motion before the recent market tumult, the people said.