Jan 9 Morgan Stanley plans to cut 1,600
jobs in its investment banking unit, roughly 6 percent of staff
in that unit, with employees being informed about job losses
beginning this week, a person familiar with the matter said on
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 percent
reduction in the investment bank workforce in 2012, said the
source, who was not authorized to speak publicly about the
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.