Wall Street heavyweight Morgan Stanley is planning to lay off about 2,000 employees later this month, a person familiar with the matter told Reuters on Tuesday.

Key Takeaways Morgan Stanley is planning to cut about 2,000 jobs, Bloomberg reported Tuesday.The cuts will be largely performance and location-based, and take place across departments, per the report.

Morgan Stanley (NYSE:MS) is planning to lay off about 2,000 employees later this month in a bid to cut costs, Bloomberg reported on Tuesday.