Morgan Stanley Said To be Cutting 1,600 Employees
Investment bank Morgan Stanley (MS) will reportedly cut 1,600 people in institutional securities staff as trading and deal-making revenue remains depressed. Reuters reported the planned reductions, which could start this week. It cited two sources familiar with the plans. Morgan Stanley had no comment. The reductions would trim about 6% of that business unit, or about 2.8% of the firm's total workforce. Morgan Stanley is the seventh-largest U.S.
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