Morgan Stanley is reportedly planning to lay off about 2,000 employees but is exempting from the cuts its financial advisors, who have become an increasingly important engine of the company’s growth.

Morgan Stanley is preparing to lay off about 2,000 employees this month to cut costs, according to a Tuesday Bloomberg report.

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.