Executives at Morgan Stanley Smith Barney have begun a round of layoffs in a bid to cut costs resulting from the massive merger of the two firms, which was completed last month, according to Investment News.

It is unclear exactly how many employees at the New York-based brokerage firm will be affected by the job cuts, but a spokeswoman for the company was quoted as saying that none of its 18,500 financial advisors will go.

People who serve in “mostly support functions” will be affected, the report said.

Morgan Stanley and Smith Barney completed their combination on 1 June. Smith Barney, the brokerage business, was spun off by its parent, Citigroup. Company officials noted at the time that they expected to achieve about $1.1 billion in cost savings from the integration.