MORGAN Stanley is joining the industry-wide jobs bloodbath, it emerged yesterday, as the bank tries to cut costs to cope with weak market conditions.
A total of 1,600 investment banking jobs will go at the bank with the staff affected to be informed in the coming weeks.
That is roughly six per cent of the bank’s investment banking roles and 2.8 per cent of its 57,000 total headcount.
Half of the positions will go in the US and half internationally.
Although the bank declined to give details, it is thought that around 300 of its London staff will be chopped.
London is a major centre for the bank with roughly 6,500 employees in the City.
The cuts will affect institutional securities, sales and trading positions and are expected to fall across both front and back office roles, hitting staff at all levels of seniority.
The grim news for the City comes on top of deep job cuts at other banks, including 10,000 job losses at UBS globally, 16,000 at Bank of America and 11,000 at Citi.