Morgan Stanley (MS), the sixth-largest U.S. bank by assets, plans to cut about 1,600 jobs from its investment bank in coming weeks, a person familiar with the matter said.

The cuts total about 6 percent of the New York-based company’s investment bank and support staff, the person said, asking not to be identified because the decision hasn’t been made public.

About half the job reductions will be in the U.S. and the rest will affect international employees, the person said.

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