Morgan Stanley Could Cut 1,800 Jobs This Month: WSJ

Tuesday, Feb 3, 2009  |  Updated 3:01 PM CDT
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Morgan Stanley Could Cut 1,800 Jobs This Month: WSJ

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Morgan Stanley and Goldman Sachs, the last of the nation's major investment banks, will change their status to bank holding companies so that they can create commercial banks and receive deposits to provide them with more resources.

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Morgan Stanley may announce layoffs this month that could claim between 1,500 and 1,800 jobs, the Wall Street Journal reported.

Such cuts would account for about 3 percent to 4 percent of the Wall Street firm's work force, the newspaper reported, citing a person familiar with the matter.

Morgan Stanley cut about 7,000 positions in 2008. The Journal reported about possible job cuts at the firm last week.

Shares of Morgan Stanley (NYSE: ms) were up more than 1 percent Monday.

For more stories from CNBC, go to cnbc.com.

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