Morgan Stanley cuts about 2% of its workforce

Morgan Stanley (MS.N) has cut about 2% of its workforce, a source familiar with the company’s plans said on Tuesday.

The job cuts, first reported by CNBC, affect about 1,600 positions and follow workforce reductions at Goldman Sachs Group Inc (GS.N) and Citigroup Inc .

Morgan Stanley is making modest job cuts worldwide, Chief Executive Officer James Gorman said last week. The bank had more than 81,000 employees worldwide as of Sept. 30, according to a quarterly filing.

While financial advisers in Morgan Stanley’s wealth management division are not being let go, there will be job cuts in the unit, the source said.

Wealth management accounted for 47% of the bank’s revenue in the third quarter.