Morgan Stanley is planning to lay off about 200-300 trainees and lower producing financial advisers in its brokerage joint venture, Financial News reports. The reduction in headcount may increase the bank’s average adviser productivity, which was $742,000 as of December 31, 2010. Trainees likely to be laid off include brokers who have worked at the firm for 6-36 months and had $25,000 or less in annual production. Lower producers who have been with Morgan Stanley for more than a year and have an annual production under $75,000 may also be laid off.

Click here for the story from Financial News.

Click here for the additional coverage from Reuters.