Morgan Stanley is preparing to cut approximately 2,000 jobs later this month, marking the firm’s largest round of layoffs since Ted Pick became CEO in January 2024, according to multiple reports. The reductions reflect a broader industry trend, as automation and artificial intelligence (AI) increasingly streamline financial services.

Morgan Stanley (NYSE:MS) is planning to lay off about 2,000 employees later this month in a bid to cut costs, Bloomberg reported on Tuesday.