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The Boston Globe

Business

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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The cuts will be made globally and will include analyst, associate, vice president, executive director, and managing director levels.

Last week, Citigroup said it will eliminate 4,500 jobs, or about 1.5 percent of its global workforce of 267,000, over the next few quarters.

The Swiss lender UBS has told investors it will downsize its investment bank to 16,000 people by 2016, from 18,000, as it tries to reduce exposure to risk.

In September, Bank of America Corp. said it would cut 30,000 jobs over the next few years.

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