(RTTNews) - Morgan Stanley (MS) is planning to lay off about 2,000 employees later this month, according to several media reports citing people familiar with the matter.
The layoffs, representing 2% to 3% of the company's workforce, will exclude financial advisers and are aimed at enhancing operational efficiency. This marks the first significant workforce reduction under Chief Executive Officer Ted Pick.
The downsizing plan, affecting the bank's workforce of around 80,000 employees, was initiated prior to the recent market volatility, the reports said.
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