Morgan Stanley is planning to cut its workforce by 2% to 3% by the end of this month.

Morgan Stanley plans to cut 2% to 3% of its workforce by the end of the month, affecting about 2,000 jobs, in a move that will span the globe but exclude financial advisers. The cuts are not directly tied to the current market angst (inflation and tariffs are hitting consumers, businesses and investors) but rather to the bank’s assessment of where employees are located, how they perform and overall resources. The bank is also hiring in some areas. The cuts are the first major layoffs since chief executive Ted Pick took over, and are aimed at controlling costs. Some of the cuts are also due to the rise of automation and artificial intelligence. Goldman also announced it would bring forward its annual layoffs, planning to cut 3% to 5% of its workforce. Dan Simkowitz, co-president of Morgan Stanley, said that President Trump’s policies added more uncertainty to the economy, and mergers and initial public offerings “have certainly paused.” However, the bank is adding senior positions in its investment bank. Sharon Yeshaya, chief financial officer, said that while uncertainty exists, it and market activity also brings consulting demand.