(Reuters) – Morgan Stanley (MS.N) is cutting about 2% of its workforce globally due to an uncertain global economic outlook, according to a source familiar with the matter.

Most of the employees impacted by the job cuts, which hit businesses across the bank, have been informed. Spared from the job cuts are financial advisers in Morgan Stanley wealth management.

The bulk of the terminations will be in technology and operations units, CNBC reported earlier on Monday.

The Wall Street investment bank and wealth firm has been trying to keep compensation expenses down because it expects revenue next year to be under pressure from market volatility, ongoing trade tensions and a global economic slowdown, according to the source.

Morgan Stanley had 60,532 employees as of Sept. 30.

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