The bank is laying off 1,600 workers in the coming weeks, many of them in senior positions.
Morgan Stanley (Fortune 500) plans to eliminate 1,600 jobs, due to "market conditions," according to a source familiar with the bank's plans. ,
The layoffs will hit employees at all levels, but more emphasis will be on "more senior employees," said the source.
The cuts will target what the bank calls its institutional securities group, which includes investment banking and stock and bond trading divisions, as well as the bank's back office support teams. Roughly half of the cuts will be made in the United States.
Morgan Stanley, which currently employs nearly 58,000, has been trimming its workforce over the past couple of years.
With this round of cuts, Morgan Stanley's total headcount will have been reduced by 10% since September 2011, to roughly 56,000.
The firm declined to comment but Morgan Stanley is far from alone.
After a challenging 2011, bank stocks were some of the biggest winners in 2012. Morgan Stanley's shares jumped 33% in 2012 and have continued to trade higher this year.
|4 reasons Russia will keep gas exports flowing|
|Inside the underground sex economy|
|Five predictions for the World Wide Web that were way, way, way off|
|Plug the financial leaks, now!|
|GM ignition switch issue surfaced in 2001|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.34%||4.33%|
|15 yr fixed||3.38%||3.34%|
|30 yr refi||4.35%||4.32%|
|15 yr refi||3.36%||3.32%|
Today's featured rates: