Morgan Stanley reports $78M in severance to axed wealth management employees
It's not clear what type of employees were laid off, but one industry executive says big firms are rethinking the hiring of administrative assistants.
In May, Morgan Stanley's plans to cut 3,000 positions — roughly 5% of its staff — by the end of June did not include financial advisors or support staff, according to multiple reports at the time.
Financial advisors are rarely included in layoffs at big firms like Morgan Stanley because they
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