(Reuters) -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. The reduction of 2% to 3% of the company's workforce, excluding financial advisers, was aimed at improving operational efficiency, the person said, requesting anonymity.

Morgan Stanley is planning to cut about 2,000 employees later this month in the first major workforce reduction under Chief Executive Officer Ted Pick.