Morgan Stanley to cut hundreds of jobs in wealth management division, led by CEO Ted Pick, due to decline in net new assets and flat revenue.

Morgan Stanley, a Wall Street investment bank, is set to cut hundreds of jobs in its wealth management division. The move, led by CEO Ted Pick, aims to contain costs and follows a decline in the division's net new assets and flat revenue in the fourth quarter compared to the previous year. The layoffs are expected to affect less than 1% of the division's workforce and will not include key client-facing staff.

February 14, 2024
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