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Morgan Stanley job cuts

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NEW YORK (MYFOXNY) -

Morgan Stanley is planning to eliminate 1,600 jobs in the coming weeks, a person close to the situation told the AFP on Wednesday.

Half the job cuts will occur in the United States and half in the bank's international operations, the source reportedly said.

The WSJ reported that the cuts would equal 3% of the firm's staff with an emphasis on cutting senior employees.

Morgan Stanley is the sixth-largest U.S. bank.

It reportedly plans to inform affected employees over the coming weeks.  It cut its headcount by 7% last year.

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