NEW YORK (CNN) -
Morgan Stanley is cutting 2,200 jobs worldwide, a source familiar with the situation told CNNfn Thursday.
The cuts are across all departments and represent 3.8 percent of the investment bank's work force of approximately 58,000 employees. A Morgan Stanley (MWD: up $0.62 to $44.13, Research, Estimates) spokeswoman declined to comment to CNNfn on the matter.
Wall Street firms have been grappling with a steep decline in securities brokerage fees and investment banking services, such as initial public offerings, as the tech bubble collapsed and investors fled from stocks amid the markets' downturn.
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