Morgan Stanley is planning to cut about 2,000 employees later this month in the first major workforce reduction under Chief Executive Officer Ted Pick.

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.

The cuts are reportedly part of CEO Ted Pick’s plan to keep costs under control about a year after he took the top job.