The Wall Street giant Morgan Stanley is going to cut about 1,500 globally, which will include several managing directors, as a part of a year-end efficiency push.
The job cuts will include executives in sales, trading and research operations, but will largely hit people in technology and operations divisions, people with knowledge of the matter told an English Daily.
The bank employs more than 60,000 people.
Past few months, the investment banks around the globe have been making cuts amid a multiyear slump in trading revenue. Banks like Citigroup Inc. and Deutsche Bank AG have recently cut hundreds of trading jobs.
The firm has been making rounds in the media for an ongoing investigation into its currency-options desks. The bank is still probing on whether traders had improperly valued the esoteric securities, concealing as much as USD 140 million in losses.
The cuts being carried out also include senior executives in its currency and bond desks in New York and London.