Business

Morgan Stanley to cut 1,600 jobs in investment bank, says source

The cuts will affect traders, salespeople and bankers in Morgan Stanley's institutional securities business as well as support staff, the source said.

This round of job cuts comes in addition to a 6 per cent reduction in the investment bank workforce in 2012, said the source, who was not authorised to speak publicly about the matter.

About half of the job cuts will occur in the United States, with the rest affecting international units, said the source, adding that all levels of staff will be affected, with an emphasis on more senior employees. — Reuters

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