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Not official yet, but an “unidentified” person “in the know” released the information last week to FA-mag.com.

The rumor has it that 1,600 jobs within the investment banking and trading units will be slashed in the coming weeks, about half of them within the United States. All levels of employees will be affected, and some workers have already been notified, the unidentified spokesperson said.

Morgan Stanley has laid out a plan to cut $1.4 billion of annual expenses by next year. Chief Executive Officer James Gorman, 54, has pledged to reduce costs as return on equity remains below the bank’s cost of capital.