Report: Morgan Stanley to cut 3% of staff across all business lines

This round of global layoffs will affect employees in its investment banking, trading business, as well as wealth management and asset management departments. According to sources familiar with the matter, the layoffs impact both front-office and back-office staff, with reasons tied to individual employee performance, while also reflecting changes in the company’s business priorities and adjustments to office location strategies. Over the past year, the company achieved record net profits and raised CEO Ted Pick’s salary by 32%. For this company, which has about 83,000 employees, the layoffs involve nearly 2,500 staff in total. (The Wall Street Journal, Bloomberg)