Morgan Stanley (MS) to Eliminate 1,600 Jobs Around the World

According to a Bloomberg report Thursday morning, Morgan Stanley (NYSE: MS) will cut approximately 1,600 jobs around the world next year.

A spokesperson from the bank said management will make the headcount reductions across all levels and segments starting in the first quarter.

Layoffs have seemingly crept back into the labor market recently. Just Wednesday, France's Credit Agricole announced it would layoff about 2,350 employees around the world. Last week, Citi's (NYSE: C) Vikram Pandit announced 4,500 in job cuts. Check out our Layoffs entity to see a comprehensive list of all the recent headlines.

Traders seem to be cheering the news this morning. Morgan Stanley shares last traded at $15.50, up 2.9 percent from Wednesday's close. The Dow Jones Industrial Average is currently up about 0.9 percent.

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