Finance

Morgan Stanley Cutting 1,600 Jobs

Six percent of its workforce

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Morgan Stanley is to cut 1,600 jobs in one of its most prominent businesses in the latest example of a Wall Street investment bank axing staff to reduce expenses.

The job cuts amount to about 6 per cent of the total headcount in the bank's institutional securities group, which helps companies complete big mergers and acquisitions and also trades bonds and stocks on behalf of clients.