Morgan Stanley Plans To Eliminate About 3,000 Jobs : Report

(RTTNews) - Morgan Stanley (MS) plans to eliminate about 3,000 jobs worldwide or about 5% of its workforce by the end of second quarter, due to difficult market conditions, Bloomberg reported citing people familiar with the matter.

The layoffs will reportedly take place across the company, except at the bank's wealth management division.

The job cuts would mark the second round of layoffs in the past six months at the bank.

Last month, Morgan Stanley reported weak profit, revenues and assets under management in its first quarter, noting that the businesses navigated a volatile market environment. Net income applicable to shareholders for the first quarter fell 20 percent to $2.84 billion from last year's $3.54 billion.