© Reuters. FILE PHOTO: The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) -Wall Street investment bank Morgan Stanley is planning to cut several hundred jobs in its wealth management division, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The cuts are expected to hit less than 1% of the unit’s employees, the WSJ reported, adding that the affected employees will be notified this week.
The layoffs in wealth management will come after the unit reported flat revenue in the three months ended Dec. 31 and forecast margins, which were below analysts’ expectations.
Morgan Stanley had nearly 80,000 employees as of the end of last year, according to its latest quarterly report.
The bank did not immediately respond to a Reuters request for comment.