06:33 AM EDT, 03/19/2025 (MT Newswires) -- Morgan Stanley ( MS ) plans to lay off about 2,000 employees, or 2% to 3% of its workforce, later this month, multiple news outlets reported Tuesday, citing people familiar with the matter.

The reduction, which will exclude financial advisers, is aimed at increasing efficiency and unrelated to market conditions, Reuters reported.

Morgan Stanley ( MS ) did not immediately reply to MT Newswires' request for comment.