Morgan Stanley's stock price experienced a significant decline of 5.02% in the Thursday intraday trading session, following reports of job losses within the company's Wealth Management division.

According to news sources, Morgan Stanley has let go of Jason Milliss, the head of trade execution, and Scarlett Dorney, the recently hired head of investment solutions, as part of a strategic decision made by the firm's Asia headquarters.

The job cuts within the Wealth Management division have raised concerns among investors about potential restructuring efforts or cost-cutting measures being implemented by the financial services giant.