Morgan Stanley Plans 2,000 Job Cuts to Keep Lid on Costs: Sources

Morgan Stanley is planning to cut about 2,000 employees later in March in the first major workforce reduction under chief executive Ted Pick.

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NEW YORK -

The cuts will take place across the firm, with the exception of its roughly 15,000 financial advisers, according to people familiar with the matter.

The plan for reductions at the bank, which has about 80,000 employees, was set in motion before the recent market tumult, the people said. The move is aimed at keeping a lid on costs as executives grapple with minimal attrition in their ranks.

A spokesperson for the New York-based bank declined to comment.