Morgan Stanley plans to cut 1,600 jobs within its institutional securities business, or 6% of its headcount within the investment banking and trading unit and support staff, according to a person familiar with the situation.

The layoffs will focus more on senior employees, with half of the cuts coming in the US and half internationally, this person said.

The cuts will cover 6% of the bank's headcount in institutional securities

The Wall Street Journal

Morgan Stanley

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Morgan Stanley to cut 1,600 jobs

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