Morgan Stanley expected to lay off hundreds of employees from its wealth-management team

• Layoffs are coming for Morgan Stanley's wealth-management division, according to The Wall Street Journal.
• The division has seen a slow-down in recent months.
• It's one of the first major moves since Chief Executive Ted Pick took over. 

Morgan Stanley is trimming from its wealth-management division, according to The Wall Street Journal.

Several hundred employees in the division will be laid off, per the Journal. The cuts represent about 1% of the total wealth-management division.

The wealth-management division has seen some slowing down in recent months. Net new assets in the division, which helps customers manage their investments and money, are down about 8% from a year ago, and revenue in the fourth quarter was flat compared to last year, according to the Journal.

The layoffs are also the first big moves from the firm's CEO, Ted Pick, who took over on January 1 from James Gorman.

While sources close to the layoffs told the Journal that financial advisors aren't expected to be impacted by the layoffs, managing directors and non-customer-facing employees should be getting notices if they're affected.

A company spokesperson declined to comment in response to Business Insider's request.