© Reuters. FILE PHOTO: The emblem for Morgan Stanley is seen on the buying and selling ground on the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) -Wall Street funding financial institution Morgan Stanley is planning to chop a number of hundred jobs in its wealth administration division, the Wall Street Journal reported on Wednesday, citing individuals acquainted with the matter.
The cuts are anticipated to hit lower than 1% of the unit’s workers, the WSJ reported, including that the affected workers might be notified this week.
The layoffs in wealth administration will come after the unit reported flat income within the three months ended Dec. 31 and forecast margins, which had been beneath analysts’ expectations.
Morgan Stanley had practically 80,000 workers as of the tip of final yr, based on its newest quarterly report.
The financial institution didn’t instantly reply to a Reuters request for remark.
