Morgan Stanley Cuts Jobs Across All of Its Business Lines

Morgan Stanley is eliminating about 3% of its global workforce, targeting employees in its investment-banking and trading businesses as well as the wealth and asset-management operations.

The dismissals affect both front- and back-office workers, a person familiar with the matter said. The moves are tied to individual performance as well as a change in business priorities and location strategies, the person said, asking not to be identified discussing private information.