US investment bank Morgan Stanley plans to announce 1,500 job cuts in response to the market impact of the global economic slowdown, an industry source said today.
The group, which employs a total of around 62,000 people globally, declined to comment on the cuts. The source said the bulk of the layoffs were expected to be in the US with investment management and securities the main targets.
There would also be some reduction in staff numbers in Europe and Asia, the source said.
Other global investment banks are also reducing their staff numbers in the face of a marked decline in business following the slowdown in the US economy.