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Morgan Stanley to slash 1,600 jobs globally

Morgan Stanley, a US-based financial services firm, is planning to cut 1,600 jobs across all levels of the company globally.

The job cuts, which amounts to 2.6% of the bank’s workforce, will be made in the first quarter of 2012.

Morgan Stanley, which employs 62,648 people globally at the end of September 2011, said the job cuts will come across all staff levels and geographic areas, including investment banking, trading and back-office functions.

For the third quarter of 2011, Morgan Stanley has reported a profit of $2.15bn, or $1.15 per diluted share, compared to a loss of $91m, or $0.07 per share, for the same period in 2010.

The other US banks namely Goldman, JPMorgan Chase & Co, Bank of America, Citigroup are among those that have announced staff reductions in 2011.