Morgan Stanley, the US investment bank, will cut around 2,000 staff worldwide in its latest cost-cutting move.
Industry sources say that most of the jobs cuts will be in the US, taking up to 3.5 per cent of the company's 58,000 strong total work force.
It is understood that most of the layoffs - 100 positions of which will be in Asia - will take place this week.
The move comes amid a global downturn in financial markets worldwide.
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Many securities firms, such as Merrill Lynch and Charles Schwab, have already shed substantial numbers of employees.
But the job cuts at Morgan Stanley came as a surprise to some analysts as the company had previously resisted such a move.
PA