Banking giant Morgan Stanley said it would cut 800 jobs in the United States and 800 jobs abroad in a cost-cutting measure.
In October, the bank's Chief Executive Officer James Gorman said there was "way too much capacity and compensation is way too high," referring to the banking industry overall, the Financial Times reported Wednesday.
A spokeswoman for the bank this week said the job cuts would be in the bank's profitable institutional securities division, which includes corporate lending and work in mergers and acquisitions.
The spokeswoman also said that many of the cuts would affect senior positions, including managing directors and executive directors.
In October, Gorman said payroll expense "comes down because the amount of people in the business comes down."
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- UTEP Water Recycling Project Wins Venture Titles
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion
- Why So Many Top 'Car Guys' Are Actually Women