(MENAFN - AFP) US bank Morgan Stanley is planning to eliminate 1,600 jobs in its institutional securities business in the coming weeks, a person close to the situation said Wednesday.
The job cuts, due to "market conditions," will occur half in the United States and half abroad, the person, who spoke on condition of anonymity, told AFP.
The cuts will eliminate six percent of the positions in the Institutional Securities unit as well as support areas, the person said, and came on top of the bank's move to cut seven percent of payrolls last year.
The cuts will affect traders and investment bankers in the institutional securities unit, as well as support staff.
Morgan Stanley's other two divisions, private wealth management and asset management, will not be affected.
The bank employed 57,726 people as of September 30.
The Wall Street investment bank's Institutional Securities unit had a pre-tax loss from continuing operations of 1.9 billion in the third quarter of last year, compared with income of 3.4 billion in the same period in 2011.
Shares in Morgan Stanley were down up 0.1 percent at 19.59 in late-morning trade in New York.