March 18 (Reuters) -

Wall Street heavyweight Morgan Stanley ( MS ) is planning to

lay off about 2,000 employees later this month, a person

familiar with the matter said on Tuesday.

The reduction of 2% to 3% of the company's workforce,

excluding financial advisers, was aimed at improving operational

efficiency, the person said, requesting anonymity.

The layoffs were not related to current market

conditions, the source said.

Morgan Stanley ( MS ) did not immediately respond to a Reuters

request for comment.

The bank had more than 80,000 employees worldwide at the end

of 2024.

Bloomberg News first reported the development earlier in

the day.