Multinational investment bank Morgan Stanley has reportedly cut about two per cent of its workforce.
Roughly 1,600 people have lost their jobs as a result of the move, according to reports.
Last week the bank's chief executive James Gorman announced that there would be "modest" cuts made across the organisation, but did not clarify how many roles would be axed.
"Some people are going to be let go," Gorman said at the Reuters NEXT conference. "We're making some modest cuts all over the globe. In most businesses, that's what you do after many years of growth."
The cuts, first reported by CBNC, come as a number of major banks trim their workforces.
In November, Barclays axed around 200 jobs in its corporate and investment banking division.
Credit Suisse is also looking to get rid of around 5,000 jobs in a bid to reduce costs.
FStech has approached Morgan Stanley for further comment.
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