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Morgan Stanley to cut 1,200 jobs

Morgan Stanley plans to cut 1,200 jobs, including about 470 bankers and traders in its fixed-income trading division, a person familiar with the matter said Tuesday. The cuts hit 25 percent of the staff of the division that trades corporate bonds, treasury bonds, commodities and foreign exchange, with the other 730 affected employees working in support functions, this person told AFP. The total jobs to be eliminated represent a bit more than two percent of Morgan Stanley's 56,000 workers. Morgan Stanley plans a $150 million charge in the fourth quarter in connection with the restructuring, a spokesman for the US bank said.

Copyright Agence France-Presse, 2015