Morgan Stanley likely to cut 1,600 jobs amidst signs of growth worries

Morgan Stanley likely to cut 1,600 jobs amidst signs of growth worries Zeebiz Bureau

New Delhi: Amidst signs of growth worries, Global financial services firm Morgan Stanley might lay off 1,600 employees starting this week, a news wire has reported.

Citing two sources familiar with the matter, the wire said that jobs would be cut accross sales, trading and investment banking, and whose staff will be reduced 6 percent.

Morgan Stanley Chief Executive James Gorman has pledged to reduce costs, and said in July that he planned to reduce overall staff 7 percent in 2012. The new job cuts are in addition to that plan, the sources said.

The cuts represent roughly 6 percent of the securities unit's staff, the sources said. They represent less than 3 percent of Morgan Stanley's entire estimated workforce at year-end, following other staff reductions in 2012.

With Agency Inputs