Morgan Stanley has begun reducing its workforce by roughly 3 percent, affecting employees across several divisions of the firm, according to AdvisorHub.
As AdvisorHub reports, the layoffs impact staff within the bank's investment banking and trading businesses, as well as its wealth management and asset management operations. The reductions include both front office and back office employees.
A person familiar with the matter told AdvisorHub that the workforce reductions reflect a combination of individual performance assessments and shifts in business priorities and location strategies.
For the firm's workforce of approximately 83,000 employees, the 3 percent reduction represents nearly 2,500 positions, according to AdvisorHub.
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