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Morgan Stanley is preparing for a plan to wipe out approximately 3,000 jobs by the end of June, as the Wall Street bank hunkers down to survive an extended slump in dealmaking, according to people familiar with the matter told CNN on Tuesday.
The decision will be the second round of cuts in less than six months. It eliminated about 1,800 staff in December, or just over 2 percent of its workforce. At that time the bank said no further reductions were expected.
The layoffs will take place across the company, except Morgan Stanley’s wealth management division that includes financial advisers, the sources said. It is worth mentioning that the company employed about 82,500 people at the end of last year.
