Morgan Stanley exec Andy Saperstein confirms layoffs and says he’ll let succession process run its course

Morgan Stanley MS executive Andy Saperstein on Wednesday confirmed reports from early May that the bank plans to lay off about 5% of its workforce, or about 3,200 people, in what he said was a “painful and difficult” process amid a challenging deal environment. So far in the second quarter, institutional securities trading and client activity remain muted, along with investment banking. Saperstein said the bank sees an opportunity to continue to grow its wealth-management business ahead of industry expansion rates. Deposit outflows that sped up during tax season in April have been moderating, he said. Sapersteindeclined…