Morgan Stanley is laying off about 2% of its workers, with technology and operations positions being the hardest hit, CNBC reported, citing people with knowledge of the situation.
Uncertainty for the world's economic outlook was cited by the unnamed sources as the reason for the job losses.
A Morgan Stanley spokesman declined to comment on the matter, according to CNBC.
As of the end of September, 60,532 people worked for the New York-based investment bank, the news outlet reported.
A separate Bloomberg report on the cuts citing a person with knowledge of the matter stated the company expects to take a charge of $150 million to $200 million in its fourth-quarter results tied to the staff cuts.