Morgan Stanley is reportedly planning to lay off about 2,000 employees but is exempting from the cuts its financial advisors, who have become an increasingly important engine of the company’s growth.

Morgan Stanley (NYSE:MS) is planning to lay off about 2,000 employees later this month in a bid to cut costs, Bloomberg reported on Tuesday.

The cuts are reportedly part of CEO Ted Pick’s plan to keep costs under control about a year after he took the top job. It’s not just tech and media workers—and, of course, federal government employees—who are facing job cuts this year.