Morgan Stanley intends to slash several hundred jobs in its wealth management unit as new CEO Ted Pick aims to rein in costs in an area that is critical to the lender’s success but has shown signs of weakening as of late, the Wall Street Journal’s AnnaMaria Andriotis reports. The layoffs, which include a small number of managing directors and non-customer-facing staff, are expected to affect less than 1% of the wealth division’s employees, which number less than 40,000, the author notes.
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