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Morgan Stanley is cutting 1,500 jobs. Expect more as banks cull before bonus season.

Morgan Stanley is cutting 1,500 jobs. Expect more as banks cull before bonus season.
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Morgan Stanley is cutting 1,500 jobs, or roughly 2% of its workforce.




People familiar with the matter told CNBC that the cuts will largely hit technology and operations, while Bloomberg reported that some of the cuts will also affect sales trading and research.




"Wall Street firms often cut jobs toward the end of the year to avoid paying out bonuses," CNBC wrote. There may be more to come, it said.




The news of Morgan Stanley's reduction in headcount comes after a slew of job cuts from around the world, numbering more than 60,000.




A Morgan Stanley spokesman declined to comment to Business Insider.




View Business Insider's homepage for more stories.




Wall Street giant Morgan Stanley is cutting 1,500 jobs or roughly 2% of its workforce, in an efficiency drive to help combat economic uncertainty.
People familiar with the matter told CNBC that the cuts will largely hit technology and operations, while Bloomberg reported that some of the cuts will also affect sales trading and research. The bank employs more than 60,000 people.
Bloomberg added that the bank will take a charge of roughly $150 million to $200 million in the fourth quarter as part of the cuts.
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