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Morgan Stanley plans to lay off a few hundred employees in its prized wealth management unit in a cost-cutting move, according to a person familiar with the matter.
The layoffs will affect less than 1% of the wealth unit’s approximately 40,000 staff and are related to the integration of E*Trade, the online brokerage Morgan Stanley bought in 2020, the person said. Affected employees will receive notice this week. The move doesn’t affect financial advisors and their direct support staff, two groups that work in close proximity...
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