Morgan Stanley announces upcoming layoffs to the company’s wealth management division, and hundreds of workers are expected to be laid off. Affected employees will include various managing directors and employees doing non-customer-facing work. The layoffs come as Morgan Stanley has a new CEO, Ted Pick, who became CEO in early January. The previous CEO will stay with the company as Morgan Stanley’s executive chairman. The revenue from the wealth management division was stable, but the division did not experience an increase in revenue compared to last year. The company stated that the layoffs would reduce redundancies in the division as well as efficiently cut costs. The overall company experienced a decrease in fourth-quarter revenue compared to the previous year.
See "Hundreds of Morgan Stanley employees in the wealth management division will be affected by layoffs", Ariel Zilber, New York Post, February 16, 2024