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Morgan Stanley Fires About 2 Percent of Employees

Morgan Stanley fired about 2% of its employees on Tuesday, according to those with knowledge of the terminations, CNBC News reported.

The firings affected approximately 1,600 of the company’s 81,567 staff members in nearly every department of the global investment bank.

Financial advisers were spared, according to the sources, apparently because they generate revenue by managing client assets.

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