Morgan Stanley to shed 1,600 jobs

According to reports, Morgan Stanley is cutting 1,600 jobs – about 3 percent of its workforce – sometime next week.

The cuts will focus on senior employees, and half of the cuts are related to its U.S. office. Human resources and communications are also cutting staff.

The layoffs at Morgan Stanley come on the heels of Citibank cutting 11,000 jobs in December as well as layoffs at Bank of America.

Morgan Stanley has already cut staff by 7 percent year to year.