Morgan Stanley will cut 1,600 jobs early next year

NEW YORK - Morgan Stanley will cut about 1,600 jobs across all levels of the company, becoming the latest bank to slash payrolls amid extreme volatility in the financial markets.

The cuts, which amount to 2.6 percent of the workforce, will be made in the first three months of 2012, a spokesman for the New York investment bank said yesterday. The bank had more than 62,000 employees on Sept. 3o.

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