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Morgan Stanley cutting 1,600 jobs: report
NEW YORK (MarketWatch) -- Morgan Stanley is planning to start laying off 1,600 workers starting on Monday, according to a report by FBN.com. The Wednesday report cites people inside the company. A Morgan Stanley spokesperson declined to comment. The cuts amount to about 6% of the bank's institutional services and infrastructure support units. The investment bank reported 61,899 employees worldwide in its most recent annual report. Morgan Stanley shares fell 0.2% in recent trades.
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