The cuts are affecting employees in the bank’s investment banking, wealth management, and investment management divisions, as per the Wall Street Journal report.
Morgan Stanley is reportedly laying off around 3% of its workforce or about 2,500 of its employees.
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The Wall Street Journal reported, citing people familiar with the matter, that the cuts are affecting employees in the bank’s three major divisions — investment banking, wealth management, and investment management
The cuts in the departments are tied to shifting business and location priorities, as well as individual job performance, and will be across locations both in the U.S. and abroad.
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