Morgan Stanley to cut 6 percent of securities unit staff: sources | Reuters

Morgan Stanley to cut 6 percent of securities unit staff: sources
| Reuters

Combined with related job cuts among support staff, Morgan Stanley's workforce reduction will amount to 1,600 people, said the sources, who were not authorized to speak publicly about the matter.
Morgan Stanley chief Executive James Gorman has pledged to reduce costs, and said in July that he planned to reduce overall staff at the firm by 7 percent in 2012. The new job cuts - which target sales, trading and investment banking staff as well as workers who support those operations in areas like technology - come in addition to that plan, the sources said.