Morgan Stanley is all set to fire a huge chunk of its workforce
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The workforce reduction will be across all regions and is set to take place in the next two weeks, the person said. The news was first reported by Bloomberg earlier on Monday.
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Morgan Stanley Chief Executive James Gorman has been focusing on equities trading and - particularly - wealth management as profit drivers for the No. 6 U.S. bank by assets as stricter regulations and capital requirements make it more difficult to trade bonds.
Ted Pick, who was in charge of the company's equities business, was picked by Gorman last month to oversee its entire trading business to facilitate better coordination between the firm's bond and equities desks.
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The company's shares, which have fallen 12.9 percent this year up to Friday's close, were up 2.1 percent in afternoon trading.
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