Morgan Stanley cuts 2,500 jobs despite posting record revenue year across all divisions

Morgan Stanley, one of the world’s largest investment banks, is cutting 3% of its workforce, roughly 2,500 employees, across all business divisions.

The job cuts impacted Morgan Stanley’s three major divisions — investment banking and trading, wealth management and investment management — but not its financial advisors, FOX Business confirmed.

The cuts were based on business priorities, location strategy and individual performance, and the bank plans on adding resources in other areas.