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.