Morgan Stanley cutting hundreds of wealth-management jobs

Morgan Stanley is cutting hundreds of wealth-management positions, including some managing directors, in one of new Chief Executive Ted Pick’s first major moves since taking over six weeks ago, according to a source familiar with the bank.

The layoffs mark an effort by Morgan Stanley MS to contain costs. They will impact less than 1% of the roughly 40,000 employees in the marquee investment bank’s wealth-management unit but won’t include key client-facing staff, the source said. Morgan Stanley will begin to notify affected…