Morgan Stanley is planning to eliminate several hundred jobs, the first such move under Chief Executive Officer Ted Pick.

The cuts will affect less than 1% of employees in the wealth-management business, which has about 40,000 workers and is the firm’s largest unit, according to a person with knowledge of the matter.

A representative for Morgan Stanley declined to comment.

Pick took the helm in January from James Gorman. The bank eliminated more than 3,000 jobs last year amid a renewed focus on expenses and a slump in fees from a dealmaking drought.

During his first quarterly earnings call with analysts, the new CEO said that the wealth business is the engine of the firm and the bank has been committed to growing it. The unit pulled in 48% of total revenue last year, compared with 42.2% at the investment bank.

The Wall Street Journal reported the job cuts earlier Wednesday.

This article was provided by Bloomberg News.