Morgan Stanley is chopping a whole bunch of wealth-management positions, together with some managing administrators, in one among new Chief Executive Ted Pick’s first main strikes since taking up six weeks in the past, in keeping with a supply conversant in the financial institution.
The layoffs mark an effort by Morgan Stanley
MS,
to comprise prices. They will affect lower than 1% of the roughly 40,000 staff within the marquee funding financial institution’s wealth-management unit however received’t embrace key client-facing workers, the supply mentioned. Morgan Stanley will start to inform affected staff as early as this week.
The transfer was initially reported Wednesday by the Wall Street Journal.
The job cuts are going down underneath Pick, an insider on the financial institution who took over as CEO on Jan. 1, succeeding longtime chief James Gorman.
Morgan Stanley’s wealth-management income remained about flat within the fourth quarter at $6.65 billion, in comparison with $6.63 billion within the year-prior interval.
The financial institution reported 80,006 staff as of Dec. 31, down from 80,710 within the third quarter.
Morgan Stanley’s inventory was up fractionally on Wednesday. The inventory is down 9.9% to date in 2024, in comparison with a 4.3% achieve by the S&P 500
SPX.
Jonathan Swartz contributed to this report.
Source web site: www.marketwatch.com
