Morgan Stanley plans to slash hundreds of jobs from its debt and currencies division, people familiar with the matter said, revealing that the Wall Street firm believes that a months-long slump in trading revenue may persist.

Morgan Stanley company could eliminate as much as a quarter of the business's workforce, the people said on November 30. The cuts will occur across all of the division's offices, and on each of the firm's trading desks, though London is expected to bear a slightly bigger brunt than New York, the people said.