Morgan Stanley to cut 1,600 jobs in investment banking:
Morgan Stanley plans to cut 1,600 jobs in its investment banking unit, roughly 6% of staff in that unit, with employees being informed about job losses beginning this week, a person familiar with the matter said on Wednesday.
Bank of America Corp is planning to cut up to 400 jobs in its investment banking, corporate banking, and sales and trading units, the Wall Street Journal reported, citing people familiar with the situation.