Morgan Stanley’s reported layoff of about 3% of its workforce — roughly 2,500 employees — is affecting some staff working on mortgage origination services for wealth management clients.

The bank is cutting positions across its estimated 83,000-employee global workforce due to shifts in business priorities, geographic strategy changes and individual job performance considerations, people familiar with the matter told The Wall Street Journal (WSJ), which first reported the layoffs.

A Morgan Stanley spokesperson did not immediately respond to HousingWire’s request for comment.

Job cuts are reportedly occurring across multiple divisions, including investment banking, trading, investment management and details ⇒

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