For Morgan Stanley and others, the cuts show Wall Street is wrangling with a slump that’s dragging on for longer than expected.
Morgan Stanley plans to eliminate roughly 3,000 positions by the end of June, according to a person with knowledge of the plans.
That equates to roughly 5% of the New York-based bank's workforce when excluding the financial advisors and support staff who will be spared in the cuts, the person said. The layoffs are expected to impact banking and trading staff the most, according to Bloomberg, which reported the moves earlier.
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