Morgan Stanley plans to cut 1,600 employees starting this week, two people familiar with the matter said on Wednesday, in the latest sign of a pullback on Wall Street as revenue from trading and deal-making remains in the doldrums, Yahoo Finance reported.
The staff reduction pertains to Morgan Stanley’s institutional securities unit – which includes sales, trading and investment banking, and whose staff will be reduced 6 percent – as well as related support staff who work in areas like technology, said the sources, who were not authorized to speak publicly about the matter.
