Top Firm Said Cutting 1,600 Investment-Banking Jobs

Morgan Stanley HQ

Morgan Stanley plans to eliminate about 1,600 jobs from its investment bank and support staff in coming weeks, a person familiar with the matter said.

Bloomberg reports that the cuts total about 6% of the New York-based company’s investment bank and support staff, the person said, asking not to be identified because the decision hasn’t been made public.

About half the reductions will be in the U.S. and the rest will affect international employees, the person said.

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Morgan Stanley Said to Cut 1,600 Investment-Banking Jobs

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