Morgan Stanley cuts hundreds of wealth management jobs

Morgan Stanley is cutting hundreds of wealth management positions, including some managing directors, in one of new Chief Executive Ted Pick’s first big moves since taking over six weeks ago, according to a source close to the bank.

The layoffs mark an effort by Morgan Stanley MS to contain costs. They will impact less than 1% of the investment bank’s approximately 40,000 employees at the asset management unit, but will not include key client-facing staff, the source said. Morgan Stanley will begin notifying affected individuals…