Morgan Stanley to cut about 3% of workforce, WSJ reports

Morgan Stanley (MS) plans to lay off around 3% of its workforce or about 2,500 people, The Wall Street Journal’s AnnaMaria Andriotis reports, citing people familiar with the matter. The cuts are affecting employees in the bank’s three major divisions, the people said, which are investment banking and trading, wealth management and investment management. They are tied to shifting business and location priorities-as well as individual job performance-and are occurring both in the U.S. and abroad, one of the people said.