BUSINESS
01/09/2013 10:17 am ET Updated Mar 11, 2013

Morgan Stanley Job Cuts: Bank Plans To Slash 1,600 Jobs In Investment Banking Unit

Jan 9 (Reuters) - 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 Wednesday.

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 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.

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