Morgan Stanley is set to cut 1,600 jobs within its global investment banking business.
According to The Telegraph, around half the job cuts will come from outside the US with senior employees among those most at risk.
Morgan Stanley employs 57,000 people globally, having cut 4,000 positions in 2012.
Late last year, chief executive James Gorman warned the banking industry still has “way too much capacity and compensation is way too high”.
The last few months have seen Citigroup and UBS announce plans to cut 20,000 jobs between them.
Morgan Stanley declined to comment.