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Morgan Stanley to cut 1,600 jobs

Morgan Stanley to cut 1,600 jobs

Morgan Stanley is planning to cut around 1,600 jobs equating to 6% of investment bank staff in the coming weeks, according to reports.

Around half of the job reductions will be made in the US, while the remainder will be across international offices, says Bloomberg.

The bank made a similar move at the start of 2012, cutting a raft of jobs in the first quarter of the year, which amounted to around 2.6% of New-York based staff.  

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