Morgan Stanley has outlined plans to cut 10 per cent of its staff by the end of the year. The layoffs follow a 10 per cent cut made earlier this year.
Morgan Stanley also plans to restructure its money management business by cutting 9 per cent of its staff.
It was not immediately clear how many positions will ultimately be eliminated from the company's total ranks of about 44,000 employees.
Image: Morgan Stanley headquarters in Times Square, New York City. | Photograph: Mario Tama/Getty Images
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