The structural argument Morgan Stanley's Q1 makes is narrower than its press coverage implies. Record equity trading revenue in a high-volatility quarter is a human achievement — traders processing fear-driven order flow at scale. The AI deployment the bank highlights involves GPT-4 tooling for research summaries and internal documentation, not execution or strategy. The 2,500 cuts follow that logic exactly: the roles eliminated are those where AI substitution is already proven and the productivity math is settled. Financial advisors — the client-facing revenue generators — are untouched. What the quarter…