Wall Street heavyweight Morgan Stanley is planning to lay off about 2,000 employees later this month, a person familiar with the matter said Tuesday.
The reduction of 2% to 3% of the company’s workforce, excluding financial advisers, was aimed at improving operational efficiency, the person said, requesting anonymity.
The layoffs were not related to current market conditions, the source said.
Morgan Stanley did not immediately respond to a Reuters request for comment.
The bank had more than 80,000 employees worldwide at the end of 2024.
Bloomberg News first reported the development earlier in the day.